I've ask that exact same question several times to multiple legal, regulatory and city organizations.

The consequences seem to depend on how aggressive states or regulatory agencies check compliance AND penalize non-compliance.In GA, we've heard that the state aggressively seeks unlicensed note investors and forced a note investor to sell his whole portfolio.

think of the nightmare that a company would go through trying to get regulatory permission to transport truckloads of it across state lines).

If you cross over to Clark County in Washington, Washington or Clackamas county in Oregon, the regulatory risk is lower.

@Steve MeI always start with a google of their regulatory filings.Looks like the fund is only 25M with 2.5M explicitly called out as an one time structuring fee.That is WAY above average fees and is way below average fund size.

Basically you're asking two separate things first is re: how you subdivide (fee simple vs condo or airspace ownership this is a local regulatory guideline) the other is how you address issues resulting with that subdivision i.e.

We spent the time to theme it, find cleaners, register for all the various regulatory permits, set up utilities, etc. 

To give you an idea of long-term performance, the Financial Industry Regulatory Authority (FINRA) offers an online fund analyzer tool that allows you to select and compare different mutual funds over a holding period of 10 years.All the best!

It does not change anything yet but just a continued sign of regulatory scrutiny on these listed transactions.

The typical home UST ranges from 250 or 500 gallons which tends to fall below the regulatory threshold.