I had an idea for a website/app business that landlords would sign up for and use to verify tenant references somehow.

I would recommend analyzing the fund/operator as your normally would and look at the QOZ aspect as a bonus.

And as a bonus for strategic thinking you can use the cash proceeds in any allocation you want. 

many companies give bonuses and they sometimes get added to the January payroll..... 

One of the most successful strategies I have used is offering tenant referral bonuses.

If you sign up for the trial, it's a few cents per name.

Straight line depreciation is over 27.5 years so, if you bought the property for $1,000,000 and this was also your cost basis, subtract land value from that and divide by 27.5.Look up cost segregation and bonus depreciation.Liquidity requirements are usually 9-12 months worth of debt service. 

If you do decide to sell then one bonus is that after you live in a property for 2 years you are not taxed on profits over $250K single person/ $500K married couple.*  So hold on to your receipts just in case you go that route. 

Bonus- they will have insurance if something goes awry!

Hi Sam,The only additional comment I would make is that some of the renovation costs could be fully depreciated in the first year the rental property was available for rent, through bonus depreciation.