Direct investment offerings are tied to an underlying real estate investment structured as common equity, preferred equity or debt. You participate by purchasing an interest in a managed LLC that in turn invests in the underlying property-owning entity or an affiliate; by purchasing a project payment dependent note, the proceeds of which are invested in the project; or directly into a sponsor-controlled special purpose vehicle. In any case, payment depends wholly on the issuer receiving distributions on the corresponding project investment. Fund structures vary by fund.