But if you plan on doing more spec homes, the LLC would likely offer more benefits through legal protections (obviously speak to your attorney about this) and potentially tax savings if you look to file as a S-Corp.

This is how you avoid liability, not by filing some papers. 

I already filed my 2022 taxes.

Fred@Fred Adadjo:Good afternoon: I am sure you could find a prospectus that someone else produced and use it as a template for your narrative.

@Michael Turner Yes, you can combine time to meet material participation requirements if you're tax filing status is "married filing jointly".

The property is owned in an LLC, but it's a SMLLC, so it's filed on my personal return.

Maybe in the 500k - 1M range and build up a track record of producing results and profits.

Capex is based on the property and what it NEEDS to produce.  

In 2023 I filed an ejectment suit.

A well-managed property produces a much greater return than the average investment property.Buy "Every Landlord's Legal Guide" by NOLO.