Depending on the situation, a taxpayer could offset some of the passive losses with active income.

BP has done such a great job of promoting SFR investing to the masses, that those masses have pushed up real estate prices to where it's now DIFFICULT to cashflow right away.Keep going, but understand you won't get rich in real estate overnight - it's a long-term wealth building strategy.For the short-term, recommend joining a few in-person investor meetings if possible, otherwise online ones.

Right now, I’m actively learning and planning to start my first projects this year.

Even with active investments, diversification is better.  

Up until November, actively licensed VRD (Vacation Rental Dwellings) could transfer one time to the new owner.

There are a lot of charlatans and 'Guru's' out there promoting this and that but the Stech family is the real deal when it comes to Private Lending. 

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

The plan includes high-yield activities such as property flips and strategic acquisitions to provide liquidity and generate returns.

For C to B-Larger developments announced nearby-Increased activity in new construction-Building of commercial retail in or near the neighborhood. 

As a co-host for short term rentals, you may not need a license as long as you're not crossing over into activities that could be considered brokerage activities like handling any contracts, collecting rents, doing any accounting, approving tenants, etc.