When blindly utilized by someone because they hate paying taxes, the consequences can be significantly less satisfactory, for the reasons I already outlined.  

As mentioned above, foundation warranties are only as good as the company that provides them, and in many cases even the most reputable foundation companies have strict rules on warranty transfer and what the warranty covers. 

Your friend should speak with an attorney and CPA.There are legal and tax consequences to him quit-claiming 50% of the property to you.If he was my client, just reading the limited facts and circumstances here, I might advise him that it would be better to retain full ownership and just pay you a monthly property management fee.Larger apartment complex....in CA....50%....is your friend aware he might be giving you hundreds of thousands of dollars right off the bat? 

If an auction gets a reputation as an unfair auction that you can never win, all the better.

Consequently, investors become unhappy when the property does not perform.

He also understands that he's in the reputation business and with me did just about everything he could to make sure I thought he was doing a good job and would do future business with him. 

These include the experience, reputation, and behavior of the buyer agents, lenders, and escrow officers involved.

@William Glass after searching around for the good / reputable QOZF we decided on this one https://origininvestments.com/   they have projects across several key markets based out of chicago. 

When it’s time to sell, it being a historic property could limit your buyer pool as some buyers won’t want to deal with a historic district (especially if that particular one has a reputation for being difficult to deal with).

Recently moved into the development space and working with a mid-size developer with a great reputation.