@Jonathan B.Assuming you pass the "material participation" test for 2023 and did not use the property yourself (or used very little), you should be able to treat it as an STR for 2023, including bonus depreciation.  

Excess depreciation could be suspended as a passive loss unless you qualify as a Real Estate Professional (REPS) or materially participate in a Short-Term Rental (STR)—which would allow you to use the additional depreciation to offset W-2 or business income.

Ran into many problems with contractors along the way, paid for some material twice as well as some projects to be redone.

A Qualified Joint Venture (§761(f)(2) )allows two spouses operating a business together to not file a partnership return; however the business can't be held as a state entity (§301.7701-2) like an LLC and it also requires material participation by each spouse under §469(h) which can be hard with a SFH. 

I have a lot of extra materials from the first renovation.

Hello BP Team…We have a contractor that left after the 2nd Draw and stole materials.

Looking for suggestions on any specific building materials, fixtures, accessories, furniture, and tech for a STR.  

Once I sell that I’m gonna convert to a fourplex and do the ADU.going through cash quickly and also using credit cards when possible like to purchase materials.

That is true with almost any material item.

This waterfall would materially limit your upside as an LP if the fund ends up being highly successful.