I am looking to understand if development and construction hours for new multifamily project are eligible for material participation to earn real estate professional status the year it comes online.

I have land and looking to build a 20 Plex apartment building with a general contractor the fall of 2023 and hopefully be completed the fall of 2024 for occupancy. In order to obtain enough hours for REPS and for material participation, wondering if hours in development and construction that I perform in 2024 -pre-rental - will count towards the material participation component and REPS. I haven’t been able to find specific guidance of this particular situation. These hours pre-rental would be crucial to ensure I will have >750 hours for the year of 2024.

 Any insight would be greatly appreciated.