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If the taxpayer meets the qualifications of real estate professional - meaning he spends more than 750 hours a year on each activity then he can qualify for real estate professional
But he must meet the test for each activity - so it's possible that there are endeavors where you do not qualify for real estate professional.
HOwever, if you are in a limited partnership, as a limited partner, you would not qualify on that activity as a real estate professional.
You can read the following article for clarification: http://realtytimes.com/rtpages/20080717_realpro.htm