Opportunity Fund Withdrawals as Partner

[Levi Chuculate]

I’ve recently entered into an opportunity fund partnership. To be clear, I did not passively invest in a fund. I started the fund. I’m a general partner of the fund. It seems all the rules regarding what to buy and how are relatively clear. One thing I’m not able to find, is if I as an owner can take draws from the company and if there are any restrictions. I’m about to sell a property at a large gain. Obviously the majority of the money will stay in the fund and I’ll reinvest into opportunity zone property; however, I would like to take an owners withdrawal as well. Any CPAs or experts on opportunity funds from the perspective of the GP that can help? 

[Jay Hinrichs]

Quote from @Levi Chuculate:

Yes obviously if I understood everything perfectly, I wouldn't be on this forum asking. That is the point of the forum. I'm fully aware of the requirements of the QOF, how long I need to hold the property to exclude gain, and inside/outside basis. 

The part that there isn't much guidance on is how to run the fund. Assume no money came from outside investors aside from my one partner. In that sense, all the money is under my control and only affects us taxwise. In that scenario, I'm trying to decipher if it follows normal partnership rules or if there are special considerations. Obviously, a rational person isn't going to spend every dollar in the business account and would be pointless to let all cashflow sit in cash at a bank and never make any money personally.

If you have any information to share, that would be appreciated. Otherwise, you telling me I don't have a good understanding is useless to me. I am trying to do everything accurately and legally. There just isn't much guidance available. 

asking for detailed answer for a complicated set up like this . And
doing it on the internet is crazy.. granted some good CpAs have chimed
in.. but you need to spend some money and get these answers from an
attorney who specializes in these and then a CPA who understands how to set this up as well.

at least IMHO.. pay for top notch advice it will be worth it in the long run.