How do people who acquire and manage STR's track the time for their Active Material Participation activities? 

In areas with a lot of market activity, there will be more comps to choose from but please remember that CMAs also include active listing, under contract and expired data (not just sold data).Connecting with an agent who specializes in your area(s) of interest could be helpful here.We use 3 platforms, including our local MLS, to run CMAs.

What is the role of a wholesaler?

You say this would be when your flip sells...flips are inventory in an active business, not investment, so they cannot be 1031'd.

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Still quite active buying SMF, as well as more passive deals in syndications, and do some private lending. 

They don t want another business to take away from higher priorities of family and living life.Most investors are happy getting a 15%+ cash on cash return that is tax free from a STVR without needing to actively manage the investment.

Do you want to be passive or active?

Yes, you'll have some costs and time spent to keep your license active, but having your own broker's license would give you extra flexibility in the future. 

Particularly on larger balance CRE (Commercial Real Estate) this rate improvements can lead to a dramatic increase in activity and investability.