Would you be subdividing the land so that each home has its own legal parcel? 

https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#SafeHarborElectionforSmallTaxpayersSafe Harbor Election for Small TaxpayersYou are not required to capitalize as an improvement, and therefore may be permitted to deduct, the costs of work performed on owned or leased buildings, e.g., repairs, maintenance, improvements or similar costs, that fall into the safe harbor election for small taxpayers.

However; what you can do is look up the number of permits that are pulled from the building department, most cities have that online now. 

@Adriana Torres-rendonI'm not an attorney, so I cannot give you legal advice.

Specifically zoning and permits required. 

@Ethan Cooke I'm not as familiar with 30+ day stays, as the city we have all our units in permits short stay as long as you pay a 7% occupancy tax. 

(I am not an attorney nor is this legal advise but was involved in my own family probate action)

Mostly likely you will not have to pay any gift taxes, but you will have to file a gift tax return.Also, your son would be legally entitled to his share of the proceeds. 

. ($50mil / $150k) GF currently is offering around 20 loans/month so they can certainly reach their legal max in short order.

I realize that once I pay the legal fees, I'm effectively ouut that money.