You're right.However, there are almost no exemptions.All trust deeds offered to private investors, whole loans, or fractional interests in loans, are "securities" in the eyes of the law.

Just wait for the house to foreclose and you can pick it up for a fraction of what the bank will approve for a short sale.

Now we are writing down multiples: that we do not have any fractional reserve coverage for.

Most roofs can be entirely replaced for a fraction of that.

I'm sure that I'm preaching to the choir (you guys are already aware of this), but it does allow for fractional ownership with equivalent lien positions for all that participate.

They have some restrictions, mainly they have to stick to residential homes and light commercial, but I've heard they can be a fraction of the cost of an Architect and either way your still going to need to get them stamped by the structural engineer. 

While what we give back is only a fraction of what they give us, I still feel good about that.Meanwhile we've also been able to grow the BP community.Our latest in-person speaker @Robert E.

If Greece actually defaults on its own debt, the value of those bonds to the banks that own them will drop significantly but in all likelihood, those bonds will still trade albeit for a fraction of their value (I can't say pennies on the dollar as they are denominated in Euros).

A new roof and improvements could gain you a 200+% return on that investment or the value could increase by only a fraction of the money you put into it. 

Not necessarily a bad thing but...Most folks in your situation start looking to combine a 1031 tax deferred exchange with a move into fractional passive ownership of something - a DST or TIC product.