can any let me know, can the property become subset of a list
Properties are like attributes to the list items and subset list items. If there is no list item, there is no relevance of properties.
Now how do you want your properties to become subsets ? Your question puts me into a deep thought.
If you could please elaborate further.
You could use the property to help create a subset, however, you can not use a formula in the subset directly.
List SubSets can either be populated by a user ticking the box directly or via an import into the list.
In this case, you will most likely need to create a module with a boolean formatted line item which defined the members of the list to be added to the subset, or multiple line items for multiple subsets. Then set up an import to the list subset(s) using the new module as a source.