This is a sophisticated wild-eyed guess Jeff. 

I'm not sure if you have read any of my previous posts, especially at the top of this page.My primary issue with DST market and process is: I find that it's very annoying to require accredited investors, and then make them jump through hoops before OM or actionable information is available. it's been my experience that 90% of the DST market is not that attractive to  an investor like me, and that's why they keep things so cryptic and difficult to accrue information about each offering.I would be surprised if the majority of the DST customers bass is not mostly people that are too far down the 1031 path to do anything else, retired and just don't want anything to do with RE fee simple interest, or less sophisticated investors that have high enough net worth to satisfy the "accredited investor" criteria.Are you a DST broker?

It’s always tough to hear when someone has a negative perception of our program and my knowledge.Addressing Your ConcernsSoftware and Support: Our Deal Driven software is designed to help our partners find and manage deals effectively.

The rest were Reg D 506 (b) that allowed up to 35 sophisticated investors, but required a substantive pre-existing relationship with the sponsor. 

The US "democracy" is a faint, it's a perception of choice and that curtain has been recently drawn back and literally out-right stated, in relation to why Trump is such a threat as he threatens those prevailing powers who control things, without elections, since '47'. 

You could then get more sophisticated and factor in refinances after 5-10 years and how that money could be re-invested into acquiring extra units. 

That’s what  most  sophisticated real estate money is focused on.

That's sound advice to change your perception.

Note I have no illusion that this path will create returns close to equivalent of what I used to be able to achieve via brrrr (I have infinite return on most of my existing portfolio) 2) sophisticated partition via coop/Tic and maybe CA SB9 on my OO.  

I think the only state that has this carve out.So this is a very sophisticated scam..