How many challenges can I buy?
As many as you like. There is no limit on how many Phase 1 challenges you can hold, and you can work through them at your own pace.
How many accounts can I have funded at once?
Up to 10 activations per month, a maximum of 5 activated accounts at any one time, and a combined activated capital limit of $250,000. All three apply together.
What does the $250,000 limit mean in practice?
It is the total size of all your activated accounts added together, so the 5 account limit and the $250,000 limit stop you at different points depending on the sizes you choose.
At $50,000 and below, the 5 account limit is what stops you. Five $50,000 accounts is exactly $250,000, so you reach both limits at the same moment. Five $25,000 accounts is $125,000, comfortably inside. Above $50,000 the capital limit stops you first. Two $100,000 accounts plus a $50,000 is $250,000 across three.
Can I still buy challenges once I am at the limit?
Yes. The limits apply to activation, not to purchase. You can hold as many challenges as you like and pass as many as you like. What the limits control is how many you can run as funded accounts at the same time.
What happens to a challenge I have passed but not activated?
It stays available. Passing does not put a clock on it. An unused pass sits there until you activate it, or until an existing account closes and frees up room.