Which Form 1120 Reit Shareholders 2023-2024

I'm in San Francisco for REIT Wise 2011 narrates law accounting and finance conference. Joining me is Charles Harrison, president of REAP Funding. Charles, could you define for us exactly what it is that REAP Funding does? Great. REAP Funding provides the accommodation shareholders for private REITs. To be a REIT, you have to meet a number of ownership and asset tests, but one of which is that you have to have 100 shareholders. And frequently, because these are closely held investments, they don't meet that requirement. The last thing that our clients want to do is go out and find a hundred guys to fill out the REIT shareholder requirement, and even worse, the last thing they want to do is take care of them, keep track of them over the years as the REIT operates. Our goal is to do a Reg D offering to 125 shareholders, a thousand dollars per share, and then, after the REIT has been formed, we will do all the dividend payments, 1099s. We keep track of the shareholders and we answer the shareholders' questions so the REIT doesn't have to. And how is the market looking now versus where things were a couple of years ago? 2007 was a high point, obviously. 2008, most of what happened was what started in '07, and they couldn't stop it. 2009, nothing happened. 2010 came back. 2010, in terms of just the numbers of REITs we provided shareholders for, was really back more in the 2004-2005 activity level, which is quite good. Now, we may not be exactly a barometer of the market, or close, but based on the people that have contacted us so far this year, we're getting back up to the 2006-2007 levels. What are some of the biggest challenges, legal or regulatory challenges,...