My understanding is that since it's not fractional ownership in any particular property , but actual ownership in the company and all of it's holdings...that it's not SEC...but again...I'm not an expert on the syndication thing.

Nobody buys Starbucks with stock or fractional real estate equity rather than cash, and for good reason.

Uber drivers just have personal insurance policies that cost a fraction.

Strictly speaking, while all notes as this are securities, they do not require a registration.In California, and maybe a few other states, you can fractionalize a loan.

This is prohibit and exploitation via interest rate hike (i.e. pay day lender) Its geared towards folks who dont want to pay/receive interest earnings which is a very small fraction (1/70th of 1 percent or less) .

So this seems like it would only affect those in expensive MF/commercial markets, which is a fraction of the total number of real estate investors out there.

Today I own a fractional interest in over 2,000 units, spread all across the U.S.

Paying that to learn what you can get here for a fraction of the cost is a losing proposition and the money you save can go into your first flip. 

Money and time and the sewer problem will shrink enough that it is a fraction of the problem that it is today.   

When you divide the number of these stories by the total number of stays, you are probably talking a fraction of a percent.