The LP still has to meet the material participation rules in order to take full advantage of the depreciation losses even if they meet REPS. 

If you materially participate and the rental qualifies as a STR you should be able to take advantage of bonus depreciation on a STR.

For instance here is a snippet I saw on crexi:Non-ContingentEarnest Money Deposit: Greater of $20,000 or 10% of the Purchase PriceMarketing Fee: 5% of the Winning Bid Amount, $20,000 minimum$10,000 Participation Deposit

So I have gained so much from just participating at a fairly low level for a few years, but the people I've met and things I've learned have proved invaluable. 

Oh wait, I think the class action participants might get $50 each.

My sponsors will market their net fees, but I have not participated in any pref equity positions, so not sure what is "market".  

I've participated in Richard Garcia's free webinars or his spur of the moment Instagram Live, where people can type in questions in the comments and he answers them.

You want to be proud of what you are putting out there to rent.

As a participating contractor of the Hero program I feel for your situation, there are unscrupulous people in every industry.

I believe my wife and I pass all the test under REPS and material participation.