Oppurtunity Zone Advice

[Cheri Lynn]

Hello, I am not an experienced landlord/ investor. I made huge capital gains this year due to selling a condo in San Francisco. I'm just now finding out about his opportunity. I wonder if anyone can help me?

1) Is it the actual "closing date" of the new property that needs to be done in 180 days?

2)Do I need to set up a certain legal fund before I start the process?
3)Is there a penalty if you sell early?
5) Is there a basis point reduction or penalty if I only hold for 3 -5 years?

Thank you in advance for any help, answers etc?