Opportunity fund & zones. New 2017 tax law

[Raza Rizvi]

Hello fellow investors, Can anyone please clarify if a single family or 2 family rental home can qualify as a business property if it is in an opportunity zone & I plan to substantially upgrade it per OZ requirements? Also if I take my capital gains from a sale of another property. Invest it in a 2 family in an OZ, let’s say purchase it for $100k and then add another $100k to renovate it. Would that qualify as a tax deferral? Next question - if so, then what happens if I sell it and put the proceeds back into the same fund. Is that possible/allowable? Not sure if I’m making sense. Sorry this is all new to me.