Your QOF has a separate timeline for deploying the capital and just has to meet the 90% threshold every 6 months, so that should work with your anticipated closing timeline. 

So far, it's MUCH better than I had anticipated! 

Regular buyers were anticipating getting rich off simply buying a home and figured that they could sell for a huge profit before the option ARM re-set.It was all driven by greed.

I anticipated these type of problems, which is why I purchased this rental free and clear – I did not want any issues during license class.

I will then try to purchase a new multifamily unit every year and a half till we are ready to move to the suburbs.I anticipate learning a lot from here and look forward to interacting with all the knowledgeable members on this site.Thank you for your timeNnabuenyi

Most lenders will at least do a bank statement of some kind to confirm that you have the cash to close at least.Otherwise, I would anticipate around 15%-20% down for your first time.

Maybe it was more work than anticipated.

Off the top of my head, here are a few ways.Don't own based on a small thread of cash flow, own class B or above, own Section-8, avoid Adjustable rates loans, be wary of balloon loans, have a large cash cushion in FDIC insured products, own you primary vehicle 100%, own your primary home 100% with no loans on it and not pledged as collateral for a loan, own your rentals 100% with no loans, when the economic sky darkens anticipate hard times.And still there are no guarantees....this business like all businesses has risk in it.Good Luck! 

You cant anticipate the cosmetic tastes of your future Buyer.

We would anticipate three ballooning loans, each with 7 year terms until the loan was paid off.In the above scenario, my contribution would be as the sweat equity partner.