Could you explain more on what you meant about the difficulties dealing with expenses?

Here in Orlando, that's what I'm currently trying to do but the contract clearly has language in it that shows it is meant to rent out a whole property. 

Even a quick ballpark of the numbers they were giving her meant a payback period of almost a decade without the NPV factored in.I told her not to do it.It would make more sense to take that 5K "closing cost" and drop it into paying off the current note's principal.

I misspoke in my first post in that I originally meant waiting to put the tenants on a full year lease. 

For example: if the gain you are deferring would be classified as a short-term capital gain on that year's tax return, then when the deferral period ends (when you sell your investment in the QOF) any gain that should be recognized would be classified as a short-term capital gain.This is not meant to be a comprehensive list of all the details, but just a small summary of some of the main points I identified during my first read through the proposed regulations.I hope this is helpful!

@Lance LvovskyI'm not opposed to going to an attorney to draft one (that's along the lines of what I meant when I mentioned pointing me to a resource to draw one up), but like I mentioned I'm not actually sure what I'm looking for at this point.

I meant if leases are in place and the building is being professionally managed, underwriting may be willing to include the rents in your qualification even though you don’t have rental income on your tax returns yet.  

@Wayne BrooksI think you meant to add a no in your first sentence.Tax would be sales price minus adjusted basis. 

All that meant was you couldn't draw on it anymore, but these have a ton of fine print.  

Rules are, however, meant to be broken when it makes sense.