The security is in the part ownership of the property. Once you invest, you subscribe to a limited partnership (the LP), this limited partnership then enters into a joint venture agreement, forming a new limited liability partnership (the LLP). The LLP, of which the LP represents 90% of the equity, is the entity purchasing the property, so in effect every subscriber to the LP owns a part of the LLP that owns the property. The other 10% of the equity is held by the developer. The LLP is formed for the sole purpose of purchasing the property, developing it and selling.