Has anyone started their own local REIT?

[Brian Desi]

I have a piece of property that I would like to build out into townhomes (@60) and keep them to rent. I own the land outright and am a contractor. I have the idea of starting a REIT to fund and hold the project with no debt, and to add other properties to the REIT as opportunities arise.

If anyone in the group has formed/managed a REIT in the past/present, please let me know if you would be willing to talk with me about the process/advantages/disadvantages of taking this route.