Is this a viable REPS strategy?

[Jim Jones]

I'm looking into qualifying as a real estate professional, as I currently don't have a w2 job. I would like to purchase a property, manage it and use losses to offset my spouse's high w2 income. I have the basic concept and understand the rules to qualify as a REP, but am wondering if the following blueprint is possible.

1. 1) Purchase a multi-family or vacation property for $1M
2. 2) Do a cost segregation study to qualify for accelerated depreciation to incur losses of say $200K
3. 3) Manage property throughout the year to qualify as REP
4. 4) Use $200K loss, to deduct from my spouse's w2 income on our joint return
5. 5) Sell property using a 1031 exchange and repeat the process doing 1 property per year

Is this doable? I know I need to talk to a tax pro, but conceptually is this possible?