@Jonathan Watt credit can vary depending on who you pull from.

It going to be a challenge to argue that all 6 of you are actively participating in the deal and pulling their fair share.  

This gives you a CoC ROI of 20%+.If you're confident in your numbers (ARV and reno budget is where you have to be really locked down), I say pull the trigger.

So I start looking at properties in my town, and I start to pull cards of houses that are going pretty cheap. 

I think the overall area economy is strong going into the future, and long term this area will pull through, but turn more into a SF/NYC/Boston type place, which it historically was not.

I will be running the entire remodel, including pulling permits through my father's GC company, performing ALL carpentry work myself, and will be hiring subs on an as needed basis.4.)

An unlicensed owner trying to pull a fast one would require lawyers to prosecute. 

The other is whether permits were needed, and if so, were they pulled.

From my opinion, the pros and cons of each areOpportunity Zone FundPro:I can pull out cost basisAfter 10 years capital gains tax is reduced 15%Capital gains of the investment are zero after 10 yearsOnce the property is developed, I should get a regular stream of dividends until cashing out in 10 yearsCon:I may have a 2-3 year wait until the Fund generates incomeFunds are pretty much locked in for 10 yearsReturns don’t seem to be as good as a rental property 1031 ExchangePro:I can exchange into properties with better cash flow and collect monthly cash flow immediately I have a tangible property rather than a fund which can be mismanaged I believe my monthly returns will be higher than an OZ Fund Con:Capital gains (depreciation recapture) continues to buildNot as passive as an OZ Fund I’m wondering if I missed anything?

You can refinance after a few months and pull those funds back out to give you a better ROI.