I have an IXF crankset and a single speed chain ring that I am matching up to 12 speed shimano cassette. I have been looking at pics of these cranks with the chain ring installed and I see some with the ring installed on the outside of the crank mount and some on the inside. Is there a correct side to install it on, or is just a matter of alignment and whichever achieves proper alignment?

So you probably want to find something compatible with a 12 speed drivetrain. I doubt your single speed ring is going to run well with a 12 speed. In terms of where to mount it depends on the chainlink you are trying to reach.

On a separate note: I wouldn't use knockoff equipment.

So you're trying to achieve a 1 x 12 set-up? If so, then the chainring should be on the inside of the mounts. Moving the ring to the outside of the crank is a way to adjust chain line, yes, but that really isn't necessary when using a derailer. You may want or need a way to keep the chain from jumping off of the chainring. That can be accomplished by either a wide/narrow ring or a retention device like this...

Thanks TugaDude. Hopefully I won't need chain guide, the chainring I have has the alternating teeth that supposedly hold the shimano chain on. I should have my rear wheel later this week and I'll be able to assemble and test. Thanks again.

edit: Yes it will be a 1x12 setup.