A given referendum can be for a tax that is ongoing or time limited.

Our intention was to reimburse him for 50% of the down payment and split the ongoing expenses after his purchase is complete. 

They do require a little more ongoing maintenance than a traditions HWH.   

If it is turn key and had a full, comprehensive rehab, I figure about $500/year for the small, ongoing maintenance issues.

How do you plan on going from where you are today, to where you want to be tomorrow?

So even though I'm really the one investing in the QOZ property (whether personally or through my own QOF), there doesn't seem a clear and easy way to retroactively change the status of my ongoing purchase so it would qualify for QOZ benefits?

@Jaik WebsterMany CPA's have ongoing relationships with attorney's and can strategize together to ensure the best possible entity selection for the client from a tax and asset protection angle.

Once the LLC is setup, the ongoing work is mostly accounting and tax related.

On the single family, I ran the numbers quickly and it only came out to a 7.11%.

I am hopeful that this number is much higher than what actual expenses will be for the first 5-7 years, because almost everything in the property will be new: new roof, new plumbing, new electrical, new appliances, new kitchens, new bathrooms, etc.Generally, I've seen people use 10% of rental income as a hand-wavy estimate for ongoing expenses, though on older homes you may want to increase that to 12-14%.