Opportunity zone and GAA election

[Dan V.]

Are there any rules to follow when investing in opportunity zones? Like creating a separate entity, accounting process, tracking funds, investments, costs, etc?

For tax experts, if a rental property was purchased with existing tenants with the intention to completely demolish the building later to build a new one, is it possible to keep depreciating the cost of the demolished building? I've been reading about the tangible property regulations and using GAA election to keep depreciating the demolished building but I'm not sure if the scenario mentioned best suits this strategy. I appreciate any inputs.