I also invested in improvements: new roof, water heaters, other major appliances, and a kitchen renovation.Now, my situation has completely shifted.

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

Not essential but I've used it for other things and it's really cool when you are building out a new process, design, or work flow with your team as well.  

.- 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 .

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”?

Local knowledge can also improve investment outcomes.

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.