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.
