Opportunity Fund creation question
Hello,
Wanting start an Opportunity Fund to buy and hold SFR property located in Opp Zone. Planning on it being single-member LLC (taxed as corp, not partnership) for now to get started. From the reading I've done it sounds like any money I wanted to contribute to buy my first property for it would have to come from recent capital gains I incurred due to the sale of something (unlike a 1031, where the money can come from anywhere). Is this true? I know it's true for investors, but how about the original developers and creators of the fund?
Also, I really wanted to sell the plan property in 10 years and not have to pay capital gains tax on the appreciation of the plan property. Everywhere I have looked just talks about eliminating the capital gains on the original investment-but no discussion on the treatment of gains on the plan assets (which is what I really want to eliminate when I cash out, instead of having to roll into a 1031).
Thoughts?