The STR loophole is all about “material participation”.

Aside from this any recommendation about groups that  should join or actively participate to maximize my reach?

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. 

Purchase price: $34,700,000 Cash invested: $7,500,000 192-unit institutional class B+ property located in between the Research Triangle Park area and Greensboro, NC.

The American Institute of CPA's (AICPA) is advising employers to file the Beneficial Owner Information (BOI).

Best to structure and treat as if a property management company from the start.Think like an institutional lender/servicer.

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. 

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

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