FeMnCoCr based high entropy alloys (HEA) are the only identified, yet prominent, metastable, multi-component systems that can exhibit the unique behavior of transformation induced plasticity (TRIP). The emergence of HCP phase during deformation from the metastable parent FCC solid solution phase provides the much required phase-interface strengthening without compromising the ductility. However, to further improve the mechanical properties of these metastable alloys especially the yield strength, the TRIP effect alone appears to be not sufficient. Hence, this presentation will focus on the design aspects of concomitant precipitation strengthened FeMnCoCr based metastable HEAs. The crucial challenge of inducing precipitates that are chemically homogenous in the metastable, FCC structured, low-stacking fault energy solid solution matrix without disturbing its unique behavior of TRIP will be discussed.