@David Dachtera in Orygun developers license has been around for decades.selling RE without a license is front and center .. because of complaints of various kinds.Sub too rental skimming being a big one.foreclosure bail out fraudsAnd wholesalers tying up properties not closing and seller relies on the fact that they have a closing coming up they box up all their stuff  they put NOn refunable EM on the new place only to have it all unravel as the wholesaler can't close and walks..

That's half the battle, now only to execute the plan and make sure you have a back up plan or two if the original game plan comes unraveled?

Unless these are unraveled all of this window dressing won't matter.  

I just unraveled the mystery of real estate!!

@Sarah PresentNot that I'm disagreeing with @Mitch Messer but even if you have no lease at all there are undoubtedly tenancy laws in CO that you would fall back on should your verbal agreement unravel.

The numbers would start to unravel if it had any significant vacancies though.Physically the structure does not look too bad...but my guess is that it would soon need some maintenance/capital expenditures made. 

Just because you ask a much too specific question in a public forum doesn't mean you will only get answers to your question when that question needs about 100 things unraveled to even make sense.

There may be a way to unravel the trust if there are a large number of members. 

That part would have depreciation recapture and all that fun stuff that we RE investors hate to unravel.

The recent hike in interest rates was causing their pension system to unravel due to some risky financial derivatives.