According to the instructions for Schedule E, to be considered a real estate professional you must meet the following IRS requirements:
- "More than half of the personal services you performed in trades or businesses during the year were performed in real property trades or businesses in which you materially participated.
- You performed more than 750 hours of services during the year in real property trades or businesses in which you materially participated."
You must meet these requirements for each property and each tax year you make the election.