mogul creates an LLC entity (“PropCo”, taxed as a partnership) for each property in the state of the property. The LLC is used as the buying entity for the property, and ownership is offered on mogul’s platform through an investment club structure. Each investment club will use proceeds from the offering to acquire the single property and will conduct no operations other than relating to the ownership, maintenance, and eventual sale of the property. The initial offering amount will be pursuant to the administrative services agreement and determined by the amount of equity needed to close the property, maintenance reserves, vacancy reserves, and any necessary fees, costs, and expenses.