Your CPA is correct that you won't be able to reduce your current taxes with rental losses (unless you can use a loophole of making your wife a full-time investor, as @Carl Fischer hinted).However, this situation is temporary.

Are there any requirements, loopholes, or pitfalls that we should expect?

While there was a national moratorium for a while, the levels of enforcement and loopholes varied by state.

Yes, they have to request reasonable accommodation, but by law they can wait to do so until after their application has been approved.The current law is full of loopholes for scammers, but unfortunately it’s what we have to work with...This site offers some helpful info:http://www.tenantresourcecenter.org/esas

In addition to the ones already mentioned, check out books by Garrett Sutton (Loopholes of Real Estate), Tom Wheelwright (Tax-Free Wealth), Clint Coons (Next Level Real Estate Asset Protection), and Toby Mathis (Tax-Wise Business Ownership, Infinity Investing), and Brian Hennessey (The How to Add Value Handbook for Commercial Real Estate). 

I took the strategies taught in his 2 seminar and combined that along with David Lindahl's Multifamily Millions book and David Lindahl's Emerging Markets book and Loopholes of RE by Garett Sutton and used all that info to buy 6 apartment complexes in NE Ohio.  

There are some loopholes regarding security deposits if the property isn't registered properly.  

Bought it furnished to rent out as an airbnb to utilize STR loophole to offset W2 income (husband and I are high-income earners).

Judges are getting sick of this “loophole” and my understanding is changes to the rules are in the works in many places.

Something that is common among us real estate investors, seasoned and new, is that we try to find legal ways to maximize profits and avoid taxes through certain loopholes and work arounds.