You are correct, Hipslo. With Crescendo, there was a definite end date, when you either decided to stay in, with your funds rolled over into "Crescendo II," or took your proceeds and left the group. With the Bellehavens structure, it is equity from an ownership standpoint, so it would work the same or better from a liquidation standpoint, but the exit structure is similar to some other DCs in that you sell your membership back at the then current prices, with a split in profits. As you point out, the change in prices could be more or less than any underlying real estate appreciation. To date, the price increases have certainly been more than the underlying appreciation, but who knows how that will shake out long-term.
The problem with the true equity structure is the limitation on marketing that really impacts your ability to grow. Accordingly, having seen it on both sides, I'd rather have the growth and broader resulting portfolio, even if it means giving up the true real estate investment structure, but that's a personal preference.
