Sounds overly simplified but it's not.  

Anything you need to do as an owner will be simplified. 

And in the end, you have a free-and-clear asset that you purchased with a low down payment and your tenants paid for the whole thing.Obviously I am way over-simplifying it, but the point is that people doing buy and holds shouldn't be scared of a bubble, and the math wins with max leverage over a long period of time with what you can do with the rest of that money. 

To illustrate my question using a simplified example: if the total proceeds of sale of the partnership owned property are 500K, and my subsequent share is 250K, could then leverage my amount due for capital gains of 250K to invest in a QOZ property?

I guess this would simplify the whole scope of work, when you are doing a full rebuild.I'd like to ask you which contractor(s) you used on the project, how you found them, and how that process went.

They are doing the work for you, so if you are busy or lack the knowledge, they can simplify the process. 

Currently I am paying myself directly from the business so I’m looking to put myself on payroll this upcoming year to simplify my tax structure.

Currently I am paying myself directly from the business so I’m looking to put myself on payroll this upcoming year to simplify my tax structure.

Example:Property to sell: $690000Less selling costs (simplified): $41,400Net sales: $648,400Less current mortgage: $160,000Net profit: $483,600New property purchase price: $648,400QUESTION: Does my net profit from sale of old property of $483,600 count as a down payment?

We try to simplify it and make it work for you.