I imagine a gated cul de sac with 5-10 homes.

But if you make the "de minimis election" on your tax return, it can include expenses that are under $2500 per item for things like furniture, appliances, small repairs, linens, supplies, etc.

Then just de-list it when you want to use it....

@Annette Margolis ask your CPA if they know and can explain the difference between The De Minimis Safe Harbor Election, The Tangible Property Regulations, The Safe Harbor for Routine Maintenance, and The Safe Harbor Election for Small Taxpayers.

But aside from that, what seems to be even less settled is whether the de minimis safe harbor be used to qualify small improvements (under the $2500 limit) during the startup phase to help qualify what expenses can be included in section 195 startup expenses (and then either deducted as part of the $5000 startup allowance, and the rest amortized over 15 years). 

De Minimus Safe Harbor relates to individual capital expenses (can be renovation costs) that are $2,500 or less.The other expenses you mentioned on the "small project" could be deductible under bonus depreciation (80%) in 2023. 

I brought this up with my tax preparer, and they told me that despite meeting hours criteria that I de facto would not qualify because I am not a real estate professional.

I recently hard about Delaware Statutory Trusts (DSTs). 

Dolf De Roos said that the deal of the decade comes along about once a week.

@Bradley De comarmond thank you.