You own a fractional economic interest in a specific property, held through a structure that owns the asset. You are not on the title deed, you cannot use the property, and you cannot sell your share on the open market.
What that gives you:
- A proportional share of net rental income during the holding period
- A proportional share of proceeds when the property is sold at the end
- No landlord responsibilities, no financing, no tenant management
What it does not give you: control. Decisions about the property, including when it is sold, are made by the manager, not by investor vote.
Each deal's exact structure is set out in its offering documents. Read them.