Maximizing opportunity zone benefits

[Pat Jackson]

I'm about to buy a mixed use (commercial and residential) in an an Opportunity Zone in Missouri.  One partner is selling off another piece of real estate, obtaining some notable gains, and 1031ing into this property.  We will close in 2019.

I understand if the 1031 partner is in the building for 7 years, he will be able to negate a fair amount of the gains he deferred at purchase.  I have heard if we all hold the building for 10 years we will face no capital gains if we well.  I don't know if this second piece is true.

My question for BP is this, what else can we do to maximize the benefits of buying such a property in an OZ?