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Investing in real estate is one of the oldest and most reliable ways to build wealth. I’ve always said that most Americans should aim to buy at least one rental property a year. Between the appreciation, the mortgage pay-down, and the tax-free cash flow, it is hard to beat. However, once you start growing that portfolio, you’re going to hear a term thrown around in tax circles: the "Real Estate Professional Status" (REPS). This strategy is often called the "Holy Grail" of tax