I am curious to hear what (if any) impact the Opportunity Zone legislation has had for investors in the Omaha market. 

. - it's a definite plus to be nearby.There are so many reasons I prefer to have properties near including knowing what's going on in those locations - market values, legislation, zoning changes - so, for me, close is a must if I'm holding long term.That being said, people from big cities, like Atlanta, think I'm crazy.

That's BS legislation.

That said, I wish we had Series LLC legislation here in PA.  

Not trying to scare you but be careful about scaling your model and have a good backup plan if legislation changes later.

The next state was Delaware, which enacted LLC legislation in 1995, followed by California in 1994/5.

The next state was Delaware, which enacted LLC legislation in 1995, followed by California in 1994/5.

We're setting up a "fund" (though a misnomer) now and we've been tracking the legislation for going on two years.

Also, some other factors to consider are California is not a landlord friendly state. https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters/See the link above.It's always good to invest in states which are more favorable legislation to landlord and owners.Second, if the economy takes a turn and there is another housing crisis you'll lose a lot of appreciation.

Interesting, I am personally familiar with the case that was used as the lightening rod to get the legislation in question passed.A member of an investment club I belonged to had accumulated a portfolio of about 250 lower end SFRs in an area south of Houston.