How to qualify for "Real Estate Professional" in order to allow unlimited paper loss via depreciation to offset other income.
Bottom line - unless you are spending more than 50% of working time in RE or have no other occupation, the only way is this:
1. Does a company engaged in a real estate activity in which you own 5% or more of the company currently employ you?
If the answer is yes, you are a Real Estate Professional.
develop, redevelop, construct, reconstruct, acquire, convert, rent, operate, manage, lease, or sell
Remember that the key is that you perform personal services in these activities, but you don't necessarily have to be the one performing the work. You can be supervising, meeting, planning--all of the activities that go into truly running a business.