I agree that reaching out to a professional to walk through all of the requirements makes sense. Are you sure that you meet the requirements to elect to be treated as a qualified joint venture? You can't count your spouse's hours for purposes of the election, you both must materially participate based on your own hours. In addition, you can't make the election if the business is operated through an entity such as an LLC or partnership. If you are not operating through an entity, you may want to consider the liability protection that could offer, assuming that this is doable with whatever financing you have.
That all being said, I don't see why making the election would impact the determination of whether your spouse is a real estate professional. That analysis is made based on her hours/activities in the real estate business. If she materially participates in the loss making real estate activities, then she should be OK whether the loss making activities are in a partnership or a qualified joint venture.