As @Joseph Palmiero mentioned, the STR strategy could work for you at that income level as long as you materially participate in it. 

Does anyone know of a company that makes financial models or projections for investors so that other investors can get a sense of the numbers before they choose to participate or not?

I think we are going to sell, provide the current renters a cash incentive (essentially pay them to show the home, and give a small percentage if the home sells before a certain date to encourage their participation in the sale). 

Hypothetically, if in 2023, I plan on turning it into a STR with self management to meet the the material participation, how would the accelerated depreciation work?

Purchase price: $975,000 Cash invested: $200,000 Contributors: Cesar Gonzalez Large 2 story home in Mission Viejo near Mission Viejo Lake in the community of Andalusia, your membership will allow you to participate in many fun activities such as fishing, boating, golf, concerts, fireworks and more , Home hosts 4 bedrooms 3 bathrooms and a large bonus room, large salt water swimming pool, 10,000-sqft lot, 3 car garage This home is a fixer with a lot of potential, the roof was replace just a few years ago, kitchen has been torn out which allows you to install your dream kitchen.

Purchase price: $975,000 Cash invested: $200,000 Contributors: Cesar Gonzalez Large 2story home in Mission Viejo near Mission Viejo Lake in the community of Andalusia, your membership will allow you to participate in many fun activities such as fishing, boating, golf, concerts, fireworks and more, Home hosts 4 bed/3 bath and a large bonus room, large salt water swimming pool, 10,000-sqft lot, 3 car garage This home is a fixer with a lot of potential, the roof was replace just a few years ago, kitchen has been torn out which allows you to install your dream kitchen.

As I recall WA does not allow fractionalized deed of trusts for real estate, but a friend of mine actually participated in one as a lender on a 4-plex investment in Seattle.

  - Spouse did not work full time- Two rental properties, one in NH and one in Maine in which they bought to renovateOutcome:- Taxpayers forgot to group the activities as one for material participation, although this still would not have helped them most likely. 

The HM lender has the right as any other kind of lender to refuse to participate in your venture regardless of how great you believe in yourself or said venture.

What are the general tests for material participation?