Own Opportunity Zone Property

[Angela Rhoton]

I have been doing my own research on this subject and haven't found the clear answer or at least one I like. I have a call into a friend who is a Tax Atty/CPA as well but thought I would throw it out to the community.  

I have a rental property that is in an Opportunity Zone. All of the houses around my property have been torn down and new construction going up and I am considering the same. I know the new construction would meet the 'substantial improvement' criteria of investing in an opportunity zone. I have found a few comments that the Opportunity Zone Fund I set up (LLC) could would have to purchase the property from me and then I can only have a 20% stake in the OZF. Does anyone else have more clarity on that? It seems the govt doesn't want the me to benefit from further investment in the area but only others. Would love any thoughts on the subject.

Thanks

Angela