Period.

That'll be somewhere around $3000 probably.You can finance closing costs into the loan but either way, it's a cost.If you're purchasing with cash, then you can use delayed financing to bypass the 6-month seasoning period.

And in periods like we have now, in most places in the country - where appreciation is crazy - the gap between assessed value and asking price will seem even more extreme. 

I think having this as a 'personal residence' and the partner not getting anything for an unforeseen period makes this a difficult ask.The 'partner' will also be stuck with having this mortgage show up on his credit report/DTI which will hurt his lending power on future deals.

If so what is the hold period if any? 

It is a long hold period but that should be outweighed by the tax benefits and potential appreciation that come along with a QOZ fund. 

The reversion statute does provide for a longer, twenty year reversion period from the date of the deed, but only “by affirmative statement contained in the record of conveyance.”

  =)Some financial institutions have other types of loans as well, for example a 20-year amortization period and a slightly higher interest rate, but easier to qualify for.And one way to look at the situation is that the equity in the property is like the down payment. 

Do I need the funds that would cover the amount of rent during the fix up period before they would lend to me? 

Most deals are structured with a due diligence period.