Assuming this is a passive business - meaning you are not materially participating - any cost segregation fueled losses would have no impact on your W-2 income. 

Although they offered an incentive (larger split) to those LPs who participated, I declined because I did not have the confidence in this particular deal or Sponsor that they would pull it through for a profit. 

If you were to partner with another more experienced investor to purchase a short term rental, do a cost segregation, and "materially participate" then you could gain the benefits you are looking for without negatively cash flowing, and you could work out a deal where you maybe only have to materially participate for the first year to claim your tax benefits and then you can act as a more passive investor.

The federal CARES Act requires a 30 day notice in certain evictions where the property participates in certain federal programs OR the property owner has a federally-backed mortgage.IMO, the CARES act is an unlawful piece of legislation that has poisoned America, but if the above clause is true, it is an OR statement.

The real question is I have someone selling me a property at 350K with a 20K builders participation credit and I will be able to use my real estate license for help with the down payment, is this a good deal ?

It's a nice-to-have in my eyes.I think what's more important is ensuring that there are proper incentives that reward those who are materially participating in the deal.

Below is a link that describes passive vs active vs material participation.

At this point I'm proud to say that my places are not always the nicest looking ones on the street.  

Here are highlights of the program right from their website:Program Benefits-A 30-year fixed interest rate mortgage loan, several rates and loan options available-Down payment assistance (DPA) 3% to 5% of the loan amount-You do not have to be a first-time homebuyer-DPA provided as a grant (never needs to be repaid) or 3-year deferred forgivable second lien loan-Available statewide through a network of participating lenders.

I think home inspectors are professional deal killers,,they do this to help there ego stay on top, non are certified electricians, and or Hvac, most sit at home,, and are proud that they kill deals,, its time to say go pound sand to these impotent inspector,s ..most dont have a glue what they are talking about,,and if they cant find anything.they will to check on something that is unreasonible..I threw one of them out of my house..rudely got nasty,,and i asked to him to leave..they smell like cabbage and have short fingers...