The indirect method, having the QOF own interest in a lower tier QOZB which holds the land allows for usage of a 31 month (or more) working capital safe harbor. Using this method, you can contribute cash into your QOF and utilize a written business plan that shows how you intend to invest the proceeds into development over the safe harbor period without failing the test. You will need to consult a professional to be sure you won't have issues with how the land is currently titled and there is also some risk as it relates to whether the property is a qualified asset before you improve it.
