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Coni Rathbone

Oct 20, 2026

9:16
Well, I was going to say, maybe tell them what tenant...
9:18
Yeah, tenancy in common is where you own a piece of property in an undivided ownership with a number of different people.
9:26
And sponsors put together these for those, you know, for those that are older on the list in the 2000s, Through 2008, there were sponsors that would go out and buy a commercial project, and then they would bring in investors who needed the second leg of their 1031 exchange.
9:46
And so there would be 35 owners in this commercial office building, wherever you're sitting.
9:53
the sponsors would mark up the purchase price when they syndicated it to the investors.
10:00
So in many of these, the investors were buried from day one.
10:05
And so, and it was no problem, though, because real estate never declines, right? Isn't that the rule? Real estate never declines.

15 MINS LATER

25:04
But what is the strategy behind

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