All Forum Posts by: Holly High

Thank you Bryan. You are correct. It is not a single member LLC.

Thank You Scott!  That was exactly the answer I was hoping for!!!

I had a sale involving Capital Gains about 151 days ago. While there is a property that I like, the one I love, cannot close within the 180 window. I have a small Opportunity Zone Fund - can I simply invest the capital gain from my recent sale into my LLC and then purchase the 'replacement' property in a couple of months? Grateful for any feedback.

@Austin Hendrickson, please can you clarify?: However note that for real property the original use must be with the taxpayer or it must be substantially improved i.e. new construction or a major renovation - it does not look like turn key properties would qualify. The point of the law is to improve certain areas of the country by bringing in new structures and upgrades.

I purchased a MHP in an O Zone this fall.  Will spending $$ to expand it and keep it as a MHP qualify?  Also, if we buy new homes for the expansion and then sell them to consumers will this disqualify us?  

Thank you Austin!

I recently 1031'd into a property in an Opportunity Zone.  The property is a mobile home park.  We are still exploring the relative advantages of turning into an O Zone Fund.  I would like to spend capital to upgrade the quality of homes, make them more eco friendly (solar) and then sell the homes to consumers.  I was told that keeping it as a mobile home park could exclude us from being an O Zone fund - that we would have to change the use.  I was farther told that selling the homes to consumers (and charging lot rent) would also disqualify us from O Zone status. 

I know we could qualify by turning the project into short term rental cabins but that could be uncomfortably capital intensive.  

Hoping for thoughts and insight please.

Someone asked about depreciation recapture.  My understanding is that while you do not have to recapture depreciation with a traditional 1031, we would have to if we converted to O Zone.  

I would move onto another prospect.  Have taken the chance a few times only to regret it.

I own a property in NC with a partner.  My "partner" owns 1/2 of the home and has allowed a friend to move in.  The friend will not leave and my 'partner' who may or may not be collecting rent, wants me to pay the property taxes.  Can I evict?  Can I eject?  File a civil complaint against my partner?  Any answers would be welcome.  Thank You!