A $50 token. Two fee layers. One of them you'd never see in a traditional deal. Deloitte projects $4 trillion in tokenized real estate by 2035. Capital is already chasing it. Before you buy in, understand what you're actually buying into. The structure works like this. A sponsor finds a property. Instead of a standard equity raise, they tokenize the LP stack through a Delaware Series LLC. Each token represents fractional membership in that LLC. The LLC holds the deed. The sponsor still gets a bank loan. Nothing exotic there. What stands out: two full-fee layers, whereas a traditional deal has one. 𝗟𝗮𝘆𝗲𝗿 𝟭 is the sponsor. Acquisition fee, asset management fee, property management, renovation fees, and disposition fee. Same as any syndication. 𝗟𝗮𝘆𝗲𝗿 𝟮 is the platform. Listing fees ($5K-$20K per property), a second asset management fee on top of the sponsor's, plus transaction fees every time a token trades. That's the fund-of-funds problem dressed in crypto clothing. One layer is already taking a cut. Now add another. The liquidity pitch is real. You can sell your token without waiting for a property sale. But a thin secondary market means you need a willing buyer for that specific property's tokens on that specific day. The legal picture is underappreciated, too. In a traditional LP, your operating agreement is a negotiated document. The GP owes you fiduciary duties under state law. With a token, your rights are split between a smart contract and an operating agreement. When those two conflict, courts haven't settled who wins. The underlying asset still determines whether you make money. A token backed by a bad deal is still a bad deal. Blockchain doesn't fix bad underwriting. For investors who couldn't access these deals before, tokenization opens a real door. For everyone else: find a direct LP. One fee layer. Clear legal footing. Same real estate. The technology is worth watching. The fee load is worth questioning.