In essence, a debt-financed distribution to a partnership QOF investor within two years of the investor’s qualifying contribution to the QOF will cause the QOF investor to recognize all or part of its deferred gain.

If your considering investing out of state, the most important part as you already recognized is having a solid team locally; particularly a property manager.

I share the same sentiment just like my comment above.It is obvious a local pop-and-mom PMC is (personally) way better than "nationally-recognized-brand-name" national PMC.I like when a company is a single man/woman operation.

Is this such a small town that they actually remembered this person who came in to turn on the utilities and showed ID (the ID that you can't recognize the person from the pic)?

Your Realtor has a vested interest in this deal, recognize that.Since you're asking, that means you don't have the experience to be involved with your friend, nothing personal, at least as an advisor, great way to screw up a friendship getting in over your head simply because you think you can or have the gonads to get involved.Best to have your friend go to his bank and talk to them, talk to the commercial folks and they will tell you what they will need for that property, that is where your due diligence begins.

In some states, the title authority will recognize a durable power of attorney to transfer a title with a lien, and in others the local municipal authority is the only entity recognized by law and the title authority to apply for a new title free of liens.

No one remembers exactly what the photos look like, but they do recognize the space, and likely the furniture.  

The time of chaos and disaster makes an amazing time and resource to re-make oneself.

The ability to recognize the competition for a property is a skill few property managers possess.In the current Las Vegas market, there is a strong demand for rental properties, as evidenced by falling inventories and more homes rented (see below).

While I am very eager to build my real estate portfolio and hit the goals I have set for myself, I just as eagerly need to stick true to my knowledge and recognize the risks/volatility involved in a non-stabilized property.