For the 1 millionth time, it isn't a loophole.

While it’s not impossible to close in mid December and still meet all requirements of the STR loophole, it will be extremely difficult due to the nature of hitting 150 hours, having it rented for 15 days or greater and having the avg stay be no greater than 7 days and not a decimal more.

So why is this called a “loophole”?

Hey @Jonathan Vinas good thinking there.Just an FYI, it isn't a loophole.

The STR Loophole (materially participate & less than 7 day rental) vs. providing substantial services.  

The Short- Term Rental Loophole Explained (biggerpockets.com)

Looking to use the short term rental loophole.If I use the short term rental loophole for my STR, I material participate and do a cost seg study.Can I take the value of the building in the first year as depreciation and write it off against my wife's income?

There are some loopholes and tricks to know up front that can help avoid lost time and money.

Since it’s so close to the end of the year, I’m wondering if anyone else has had success with the STR loophole requirements and material participation when acquiring a property with only two months left in the year?

This may be challenging with both of you in full-time W2 jobs, but worth considering if one of you can transition to real estate part-time.Alternatively, the Short-Term Rental (STR) loophole offers another path.