Is it possible to use the STR loophole to offset w-2 income if managing out of state?

[Mitchell Maginnis]

Hi!

I am an optometrist and am finishing up building a new build STR out of state. I will have a cleaning team do the day-to-day turnovers and will be using Guesty to assist in helping manage the property myself. I have a partner in the deal as well.

Is it possible to use the STR tax loophole to offset my w-2 income. I know that if i am working, I will not be able to qualify as a RE professional. Hoping to save some $$ on my tax bill in 2023.