The system is designed this way.For any tax benefit, for instance the STR loophole, you may qualify in one year, not qualify the next year, then qualify again the year after that.

There is a lot of loopholes, tips and tricks to take advantage of so just keep having conversations with seasoned investors, Realtors, Bankers, GC's.

One downside I see to this strategy from a tax perspective: You are unable to take advantage of the STR loophole which is a massive offset of your tax liability for many folks.

I have never heard of a loophole with 1 egress being fire rated and not needing a second.

Again, it doesn't matter which of you owns the LLC.An alternative if you or your wife are unable to meet the first 750 hour / 50% test, is the "Short Term Rental Loophole", which has been discussed at great length on these forums.

You can usually use bonus depreciation against the asset assuming it will follow the short term rental loophole rules of 7 days or less average stays. 

Some podcast make it seem like you can use real estate as a loophole to pay capital gains tax where you would have paid ordinary income tax.

Filing the LLC in a random state like Nevada or Wyoming isn't some magical loophole that keeps him from paying tax.

There is no income limit on STR loophole losses, I know what he's talking about but that is completely unrelated to this.

I would like to add what qualifies you are a short term rental investor that can take advantage of this "loophole" below: The short-term rental (STR) tax loophole allows property owners to classify rental income as non-passive, enabling them to take advantage of certain tax benefits even if they don't qualify for Real Estate Professional Status (REPS).