Or do they set pretty tough stipulations for being approved to assume? 

Don't forget that you also need to meet material participation requirement.

You would still need to materially participate, but it opens the door to using those losses.

(You group to achieve material participation.)Thanks for reassuring the points about >50% of work. 

Any tips on tracking hours and proving material participation?

I have a particular interest in historic properties not only because I think the quality of the materials are better, but because I think the architectural charm and interest will stand the test of time and appreciate. 

From 2010 to 2015 Real estate investing was fairly safe and it was tough to lose. 

.• Short-term rentals can sometimes sidestep the passive rules if you materially participate, letting you use the deductions right away.• When you sell, all those suspended losses unlock and can wipe out much of your taxable gain.So in your case, if this is your first rental and you’re staying strictly W-2, cost seg might not save you tax in the short run, it just shifts deductions forward.

Assuming this is time and materials, this is more than $300/hr in manual labor of additional cost.

Chasing this goal can feel tough at times, but I believe over time with consistency, I’ll meet like-minded people like you who share the same drive to make a difference on the youth and those in need of expensive repairs simultaneously.