You still need to meet material participation requirements.REPS and material participation are annual tests.Keep in mind there are lose limitations even for REPS. 

Some participate here but you might also ask some local investors who they use and perhaps your CPA.Just a word of advice.

Hey @Chris Strandburg, so the reason a lot of folks say stay out is there are a lot of restrictions.For example from the PDF the city has provided-What are the main eligibility criteria to participate in Home-Sharing?

But I suspect the deal can be structured that those that do no participate have to pay interest to those that do carry it forward ( the other investors).This thread just made me remember that one..

The California FTB has put 1031 Exchange Qualified Intermediaries on notice that the California FTB will assess penalties against Qualified Intermediaries who participate in these "tax-deferred structures."  

Lastly, do you think your wife might be willing to participate in some sort of "guided visioning" with you?

I plan to do cost seg study and get bonus depreciation (and will actively participate as per IRS rules) but need to confirm if this would still work if buy STR under LLC and I can still be eligible for that STR loophole?

Of course this does not work as does not count the remodeling added value which is the simple success key.That is good also for investors you could advice: I would plan a joint venture with them participating to the profit on a certain % (instead of asking a fee upfront), so you would remain with a % of a stable return, while your investor could finance back the money from the property and start over again.

Aware of any networking events/groups I should try to participate in? 

You need to be materially participating in those hours for them to count.