Purchase price: $18,750 Cash invested: $15,000 Purchased old house frame on 1/2 acre, intending to improve it and sell it.

.- NOI Growth: From $603K to a run-rate of ~$1M within the first 12 months, marking a 73% improvement.

There might be Some exceptions such as you did a bunch of repairs/improvements which increased the value of your home .

Local knowledge can also improve investment outcomes.

Yes, an LLC that elects to be either a corporation or partnership for federal income tax purposes and is organized for the purpose of investing in a QOZ is eligible.What does it mean if a property is “substantially improved”?

Property value is land + improvements (the structure). 

Basically questions that the PM/co-host need to be able to answer without having to do any deep-dive analysis.Property-specific questions such as property improvement advice, revenue potential, etc. that involve deep-dive analysis might justifiably incur an up-front cost depending on the PM/co-hosts business model.

I will figure out what to do with it when I get to $20M, but it will probably just be finding new ways to improve built environment along with travelling more and spending more quality time with fam. 

If your DSCR has improved or market rates have dropped, refinancing might secure you better terms and improve cash flow.

I'm sure the numbers look bad, and they think they can improve them, reno and increase rates by 25-30% and that is the business plan.