2 - Perform 250 or more hours of rental services per year. Rental services include:
- (i) advertising to rent or lease the real estate;
- (ii) negotiating and executing leases;
- (iii) verifying information contained in prospective tenant applications;
- (iv) collection of rent;
- (v) daily operation, maintenance, and repair of the property;
- (vi) management of the real estate;
- (vii) purchase of materials; and
- (viii) supervision of employees and independent contractors.
Rental services may be performed by owners or by employees, agents, and/or independent contractors of the owners. The term "rental services" does not include financial or investment management activities, such as financing; procuring property; studying and reviewing financial statements or reports on operations; planning, managing, or constructing long-term capital improvements; or hours spent traveling to and from the real estate.