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Updated over 1 year ago on . Most recent reply

User Stats

92
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9
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Raza Rizvi
  • Rental Property Investor
  • New York, NY
9
Votes |
92
Posts

Qualified Opportunity Fund - DIY or get help

Raza Rizvi
  • Rental Property Investor
  • New York, NY
Posted

Need feedback from everyone. I have read up enough on Qualified Opportunity Fund/Opportunity zones that I feel I can create the fund myself but i am a little hesitant to make a mistake.

I intend to

1. Create a LLC with 2 members

2. Get a bank account under the LLC name and move my capital gains there

3. File form 8996

4. Purchase Single Family Home under the LLC's name in OZ

5. Make upgrades (for an equal value of investment minus land value) in the specified time

Should I spend thousands and get help from accountants or services? My capital gains are around $100k

Any help would be appreciated. Thanks

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