As far as I know, it generally doesn't work in the US anymore as you describe now that interest rates have returned to a normal level.I totally agree with @Henry Clark that, if I want to invest in Italy, I want mass tourism and STRs.

Who is going to want to invest in a scheme of diminishing returns?

The wife and I are in the middle of building an 800sqft detached 2BR 1 bath ADU in our backyard near St.Augustine in downtown Raleigh and was curious what you find they return in equity.

For syndicates with loan maturities after 2030, they even have a shot at making a positive return, and perhaps even a decent one considering what they've endured to get there.Kicking the can down the road:  Owners and syndicators hoping they can kick the can down the road by negotiating loan maturity extensions are likely to be disappointed. 

Given you're in Texas and don't have a state tax return, it really opens you up to work with providers nationwide. 

For the amount of capital you invested, you will achieve a great return.  

Also -without an in service rental, you have no schedule on your tax return on which to deduct those expenses. 

An example in my experience would be a local/regional foundation with a mission that is aligned directly or indirectly with Affordable Housing AND a longer-term investment horizon with less of a focus on the financial return and more on the "social" return for the community.

This might not reduce your taxes, but it's a better use/return for your money than paying down a 4% or 5% mortgage. 

Include text so that states what will happen if the new lease isn't signed by landlord and husband such as the return of keys by all parties date.