In this episode of the Money Miniseries, Dr. Randy Lehman sits down with a very special guest—his wife, Brittaney—to share the tax strategy that’s become a cornerstone of their financial plan: Real Estate Professional Status (REPS).
They walk through what REPS is, why it’s so powerful for high-income households, and how Brittaney’s role as a full-time real estate professional allows them to combine active and passive income for significant tax advantages. From tracking hours and managing properties to navigating cost segregation and bonus depreciation, this episode is packed with practical, real-world insights.
Along the way, they share personal stories of fear, learning, teamwork, and even a few landlord-tenant adventures that reveal how relationships, integrity, and persistence create opportunities.
Whether you’re a surgeon looking to optimize your tax strategy, a spouse considering REPS, or just curious about how to leverage real estate for long-term wealth and freedom, we hope this conversation will provide both inspiration and actionable takeaways!
0:00 Introduction
2:19 What REPS is and who it benefits
6:10 IRS rules and meeting the requirements
8:02 Why commercial real estate works for us
9:27 Finding the right CPA and legal team
11:20 Brittaney’s daily role and family flexibility
14:32 From fear to confidence in real estate
18:22 Active vs passive income and depreciation
23:31 Cost segregation and bonus depreciation
29:48 Four ways real estate pays you
36:58 COVID tenant challenge and negotiation
44:35 Parking dispute and preserving relationships
48:57 Integrity snowball and off-market deals
54:16 Other income levers and closing thoughts
Real Estate CPA Podcast: https://www.therealestatecpa.com/podcast
BiggerPockets: https://www.biggerpockets.com/
IRS Guidelines on Real Estate Professional Status: https://www.irs.gov/taxtopics/tc42