Canonical page: https://sequoia-research.com/writing/best-dst-investments-2026-what-changes-when-the-interest-is-offered-on-a-secondary-basis
Author: Sequoia Research
Published: 2026-10-17T08:28:37.872Z
Updated: 2026-10-17T08:28:37.872Z

# Best DST Investments (2026): What Changes When the Interest Is Offered on a Secondary Basis

## What Is This Article About?

Buying an existing DST interest changes what you need to know before you invest. This article compares a new offering with a proposed purchase from a current owner, using public documents reviewed in October 2026. It explains the extra checks for operating history, ownership rights, transfer approval, price and records that may be missing. Original examples show why a lower price or an older investment does not, by itself, make the secondary purchase better.

## Table of Contents

- [What Makes a DST Purchase Secondary?](#what-makes-a-dst-purchase-secondary)
- [What the Public Source Sample Shows in 2026](#what-the-public-source-sample-shows-in-2026)
- [Compare the Information You Need for Each Purchase](#compare-the-information-you-need-for-each-purchase)
- [Read Current Operating History Instead of Reusing the Old Forecast](#read-current-operating-history-instead-of-reusing-the-old-forecast)
- [Check the Seller's Exact Interest and Transfer Authority](#check-the-sellers-exact-interest-and-transfer-authority)
- [Separate Price Discounts From Investment Value](#separate-price-discounts-from-investment-value)
- [Rebuild the Distribution Comparison on the Buyer's Cost](#rebuild-the-distribution-comparison-on-the-buyers-cost)
- [Confirm Transfer Conditions Before Relying on a Closing Date](#confirm-transfer-conditions-before-relying-on-a-closing-date)
- [Determine Who Receives Payments Around the Transfer](#determine-who-receives-payments-around-the-transfer)
- [Review the Remaining Hold and Current Tax Structure](#review-the-remaining-hold-and-current-tax-structure)
- [Decide What Missing Information Prevents You From Comparing](#decide-what-missing-information-prevents-you-from-comparing)
- [FAQ](#faq)

## What Makes a DST Purchase Secondary?

A secondary purchase means buying an existing owner's interest through a permitted transfer. The buyer enters an investment that already has its own history. The price buys that owner's interest. The terms and costs of the sale still apply.

A new offering follows the issuer's offering process. Its documents explain the interest being sold, the use of proceeds and the buyer's admission. Some proceeds may repay a related firm for money it already put in. Read the actual structure rather than assuming that “new offering” means a newly built property or that every dollar creates a new asset.

That changes the questions. In a new offering, you need to understand the acquisition plan and the terms on which interests are being placed. For an existing interest, confirm what this seller owns. Check what has changed since the original offering and whether this transfer can close.

Both routes still require a review of the property, debt, fees, sponsor and investor rights. A secondary label does not replace those tasks. It adds a transfer review. You also need to compare the original plan with the facts today.

Neither route should be treated like buying a liquid stock. The SEC's updated private-placement bulletin describes limited disclosure, resale difficulty and the possible need to hold indefinitely. A private transaction venue does not remove those risks for every listed interest. [SEC private-placement bulletin, updated September 21, 2026](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin)

For a buyer comparing the best DST investments, start with the evidence. What supports each proposed purchase? A current price without current operating records answers much less than a full dated packet.

## What the Public Source Sample Shows in 2026

This is a bounded public-source review as of October 17, 2026. It compares one 2026 offering document with two firms' public secondary-market materials. It is not a survey of all available DST interests, a platform ranking or a report of offers we obtained.

### A 2026 offering document separates new placement from later transfers

The NewStar 17 Sweetwater Springs private placement memorandum (PPM) is dated February 9, 2026. Its cover says the property was acquired on February 6, so the new offering was not a promise to create a property later. The packet includes purchase forms, a trust agreement and a financial forecast, while identifying further data-room materials. Printed page 25 requires the administrative trustee's prior consent for a later transfer. Stated conditions include securities-law and loan requirements. These selected provisions illustrate two review tasks: understand the original purchase package and check the separate rules for a later transfer. They do not show that a secondary interest in this trust is currently offered, approved or priced. [NewStar PPM, cover, contents and printed page 25](https://pcsalts.com/wp-content/uploads/2026/03/NewStar-NewStar-17-Sweetwater-DST-Private-Placement-Memorandum-PPM.pdf)

### A public secondary process can describe records without supplying them

Realized's public page describes help finding a buyer and completing paperwork and approvals. It says buyers can access formal investor correspondence received from the sponsor. It describes an opinion of market value based on past trades. The page warns that this is not an official sale or loan value. The page includes statistics labeled March 2023 and states there is no sale guarantee. Those older statistics are not a count or price sample for October 2026. We did not obtain a current seller packet, an opinion of value or proof that a particular buyer has received all records. [Realized secondary-market page](https://www.realized1031.com/dst-secondary-market)

### A transaction history does not prove a current executable market

LODAS's current public market page includes secondary DSTs and warns that a market may not develop for some securities. A September 5, 2024 release says three DST trades took place that August. It did not name the buyers, sellers or DSTs. That is a dated company report of completed trades, not current inventory. It does not establish a price, buyer or settlement time for a proposed October 2026 transfer. We did not enter the trading system or inspect an authenticated order book. [LODAS market page](https://lodasmarkets.com/secondary-market), [LODAS September 2024 release](https://lodasmarkets.com/news/post/lodas-markets-becomes-first-to-execute-fully-electronic-secondary-market-trades-of-delaware-statutory-trusts)

The practical finding is limited but useful. A buyer should not assume secondary transactions are impossible, and should not assume that a particular interest can be sold on demand. These public pages show which records and approvals to request. They do not establish the condition of the investment being offered to you.

The remaining examples are invented. They are not descriptions of NewStar, Realized, LODAS or any transaction on their systems. No current asking price, platform fee or expected trade speed is inferred from those companies' materials.

## Compare the Information You Need for Each Purchase

Start with two lists that share a common core. Both need the governing terms, property analysis, debt documents, fee schedule and a clear statement of the rights being bought. The age and source of the evidence may differ.

A new offering may have a detailed purchase budget and forecasts. It may have little history under the new ownership. That does not mean the property itself has no history. Ask for the prior owner's records. Then check which costs, rents or loan terms changed at purchase.

An existing interest may offer several years of reports. That history helps only if the reports cover the correct entity and can be read together. A set of payment records shows cash received. It does not, on its own, show the source of that cash.

| Review area | New offering | Existing interest offered for transfer |
|---|---|---|
| Ownership being purchased | Offering and admission terms | Seller's recorded interest and the exact portion transferred |
| Business plan | Acquisition plan and forecasts | Original plan, actual progress and current revisions |
| Operating evidence | Available prior-property records and current budget | Reports through a recent period, plus gaps since that period |
| Debt | Closing terms and initial payment schedule | Current balance, payment status, maturity and any changes |
| Cash and reserves | Funding plan and starting balances | Current balances, restrictions and future uses |
| Price | Terms of the offering and included costs | Negotiated price, buyer costs and the rights included |
| Closing | Subscription acceptance and funding steps | Seller authority, required consents and transfer recording |

These are areas to review. They do not promise that every issuer supplies every record. A missing report needs a visible status. If a platform says a file can be obtained, wait until the file arrives before describing its contents as checked.

Also keep the reporting level clear. A property report may describe rent from tenants. A master tenant leases from the trust and may sublease space to tenants. Its report may show amounts it owes the trust. A trust report may show cash paid to investors. Check how those amounts connect. Do not compare one property's revenue with another trust's investor payout.

For each document, record three dates: the period covered, the date issued and the date received. Those dates answer different questions. A freshly emailed report may still describe operations from many months earlier.

## Read Current Operating History Instead of Reusing the Old Forecast

An original PPM helps explain the plan and the risks disclosed at the start. Years later, it cannot show whether rent was collected or work was done. It also cannot show how much reserve cash remains.

Consider the fictional Calder Harbor DST. A seller supplies its original offering document and proposes a transfer in October 2026. The buyer also receives an operating report for the quarter ending September 30, issued October 10. At an October 17 review, the period end is 17 days old and the issue date is seven days old.

That report is recent in this invented case. It does not cover events after September 30. Ask whether any important changes occurred in the missing period. A tenant notice, lender letter or large unpaid bill could matter even when the latest routine report is only a few weeks old.

Now compare the budget with actual performance using the same definitions. The invented year-to-date budget called for $900,000 of collected rent. It allowed $300,000 for ordinary running costs. Actual collections are $840,000 and actual costs are $330,000. The budgeted cash before the excluded items was $600,000; actual cash on that same narrow basis is $510,000.

The $90,000 difference has two parts: $60,000 less rent and $30,000 more operating cost. It is not a complete investor-cash shortfall because this subtotal excludes debt, trust costs, capital work and reserves. Carry those items through the next part of the review before drawing a payout conclusion.

A forecast revision might explain why costs rose. It might also move expected rent growth into a later year. Keep the original forecast, the actual result and the revised forecast in separate columns. Replacing the old forecast with the new one erases the comparison you need to understand the change.

### Check what funded the payments

Assume Calder Harbor's seller received $9,000 over the first nine months of 2026. A separate invented report traces the payment sources. It assigns $7,500 to operating cash and $1,500 to a reserve release. The bank total confirms money arrived. The source report adds another fact. Under its stated rules, some of the payment came from cash held in reserve.

Those numbers do not prove that a payment was improper. They also do not tell you its tax treatment. A reserve may be available for a permitted use. To assess the release, read the governing terms. Check the cash left and the work still to be funded.

Do not infer that $1,500 reserve component merely by comparing two statements with different dates. The example assumes a specific reconciliation was supplied. Without one, the payment source remains an open question.

## Check the Seller's Exact Interest and Transfer Authority

Be clear about what is being sold before judging the price. Record the exact trust name and the seller's legal name. Add the ownership amount and any class or series. Match those details to current ownership records and the transfer documents.

For the Calder Harbor example, assume the seller owns a 0.75% interest and proposes to transfer all of it. A percentage of the trust is different from a percentage of the seller's position. If an email offers “half,” confirm whether it means half of that 0.75% interest or something else.

Half of the stated position is 0.375% of the trust. The arithmetic does not establish that a partial transfer is permitted or that the price scales evenly. Minimum transfer sizes, fixed charges, ownership limits and required consents must be checked separately.

Check that the seller can act for the owner of record. The owner might be a person, trust, estate or company. Each may need different proof of who can act. A familiar surname on an email is not a substitute for documents showing who may sign. Record any change between the original purchase and the proposed sale.

Also ask whether the interest has been pledged or is subject to another claim. A trust-level property loan and a seller-level pledge are different obligations. The buyer needs to know whether the proposed transfer includes a release, an assumption or another required step. Do not merge them into one generic “debt” field.

The SEC's restricted-securities guidance describes conditions beyond a holding period for public resale. It does not provide a universal timetable that permits every private DST transfer. A buyer and seller need the securities-law route and the trust's own requirements reviewed for their transaction. [SEC restricted-securities guidance](https://www.investor.gov/introduction-investing/investing-basics/glossary/restricted-securities)

An old confirmation is a useful starting record. It may not show later changes, partial transfers or pledges. Ask the appropriate recordkeeper to confirm the current position and the proposed incoming owner through the authorized process.

## Separate Price Discounts From Investment Value

A secondary price can be lower than the seller's original outlay. That does not mean it is below the interest's value today. The first comparison uses a historical cost. The second requires a current review of what the buyer will own.

In the Calder Harbor example, assume the seller originally invested $250,000 for the 0.75% interest. The proposed price is $205,000. That is $45,000 below the original outlay, or an 18% reduction from that historical amount.

Now assume the buyer will pay $4,000 of additional acquisition and transfer charges. The buyer's total cash outlay is $209,000. Compared with the seller's $250,000 original outlay, that is $41,000 lower, or 16.4%. Neither percentage is an appraisal discount or a total return.

The old investment amount may have funded costs that are no longer assets. Property value, debt and reserves may also have changed. State the amount and date used for the comparison. Do not use “discount” without saying what it is measured against.

A reported property value is another reference. To reach an owner-level view, check debt, cash and other claims. Then check the rights of the interest. Even a careful net-asset estimate does not guarantee the price at which an illiquid interest can trade.

### A lower quoted price can carry higher buyer costs

In a separate alternative, a seller offers an equal-sized interest with the same rights for $203,000. The buyer must pay $7,000 of charges. That is $210,000 in total, compared with $209,000 in the first proposal. The lower stated price costs $1,000 more on this limited measure.

This is a hypothetical matched-rights comparison. If the offers concern different classes, different trust percentages or different payment rights, that simple ranking is not valid. Resolve those differences or leave the costs side by side without claiming they purchase equivalent rights.

Get a written list of buyer and seller costs. A sales commission, transfer charge, legal bill and account fee may apply at different stages. The SEC's fee bulletin explains why both account and product records matter. It does not establish a standard secondary DST charge. [SEC fee and expense bulletin, July 23, 2025](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated)

Ask which costs are due if the transaction fails. A success-based commission may have different terms from a legal fee earned for work already done. The quoted purchase price alone cannot answer that question.

## Rebuild the Distribution Comparison on the Buyer's Cost

The seller's payment history is evidence about past cash. It is not the buyer's future return. Before turning it into a percentage, state the period and ownership share. Show the cost used underneath it.

Calder Harbor's $9,000 paid over nine months could be annualized by dividing by nine and multiplying by 12. That produces $12,000 a year. Dividing that annualized amount by the buyer's $209,000 total outlay gives about 5.74%.

That calculation assumes the nine-month pace continues. It is not a full year's actual result. It also does not explain whether recent payments have changed. Check each payment before extending the average to a full year.

Suppose the same $9,000 consisted of $3,750 in the first quarter, $3,000 in the second and $2,250 in the third. In this invented example, the third quarter contained three monthly payments of $750. Annualizing that latest monthly amount gives $9,000, or about 4.31% of the buyer's $209,000 outlay.

The two percentages use different periods. The 5.74% figure extends the nine-month average. The 4.31% figure extends the latest monthly payment. Neither promises what comes next, and neither includes a future sale result. Label them so a reader cannot mistake one for an actual annual return.

| Calculation | Amount used | Percentage of $209,000 buyer outlay |
|---|---:|---:|
| Nine-month actual payments | $9,000 | Not presented as an annual rate |
| Nine-month pace extended to a year | $12,000 | 5.74% |
| Latest $750 monthly payment extended to a year | $9,000 | 4.31% |

The payment source still matters. The invented source report assigned $1,500 of the nine-month payments to a reserve release. Using a different purchase cost does not turn that reserve cash into new operating income.

### The buyer's higher percentage does not improve the property

At the seller's original $250,000 cost, a $9,000 annualized payment equals 3.60%. At the buyer's $209,000 outlay, the same annualized amount equals about 4.31%. Only the cost underneath the payment has changed.

It does not show that rent increased, debt fell or reserves grew. It also does not remove the chance of reduced payments or capital loss. The lower cost may be relevant to the buyer's analysis, but it cannot establish that the underlying risk has improved.

Keep ongoing personal account charges outside this narrow payout calculation unless they are explicitly included. If they apply, show a second cash measure after those costs. Do not mix one buyer's after-account-cost figure with another buyer's before-cost figure.

## Confirm Transfer Conditions Before Relying on a Closing Date

A proposed closing date is a plan. Check which conditions are met and which remain open. List each condition and the party handling it. Keep proof when it is complete.

Start with the governing agreement and any amendments. Then request the transaction-specific instructions. A summary of transfer restrictions may omit documents, notices or other steps that appear in the full agreement. A process described for a previous seller may not apply to this owner or buyer.

A practical transfer file might track the following stages:

1. The seller's current position and authority are confirmed.
2. The proposed buyer supplies the required information.
3. The applicable securities-law path is reviewed.
4. Trustee consent and any other required approvals are obtained.
5. Assignment, adoption and other required papers are completed.
6. Funds and documents are handled under written closing instructions.
7. The required ownership record is updated and settlement is confirmed.

This is a review sequence, not a universal legal checklist or mandatory order. Some steps may run together. A loan may require a consent in one case and contain a permitted-transfer provision in another. Record the actual condition rather than assuming every lender must approve every transfer.

Distinguish a quote from an accepted offer. Distinguish acceptance from consent. Distinguish funded escrow from completed ownership recording. These states can occur on different dates. A marketing email saying a transaction is “in process” does not tell you which state has been reached.

If a needed approval is pending, identify what it covers. Approval of the buyer's identity may cover just that step. It may not approve the final assignment or release a seller's pledge. Ask for the document that resolves the specific condition.

Also identify the treatment of money while a condition remains open. Who holds it? What written instructions govern release or return? Which expenses remain payable if the transfer fails? The answer belongs in the transaction records, not in an assumed industry timetable.

A delay can affect the buyer's wider plans even when the investment is sound. Keep the transfer schedule separate from the property's expected sale date and from any personal deadline. None of those dates establishes the others.

## Determine Who Receives Payments Around the Transfer

Payments near closing create a separate problem. The ownership date, record date and payment date may differ. Read the terms before assuming that cash received after closing belongs to the buyer.

Consider a separate invented rule for the Calder Harbor transfer. The written terms say the owner of record on October 31 receives a $750 payment made on November 10. The transfer takes effect on November 1. Under that supplied rule, the October 31 seller is entitled to the payment. Its later arrival does not change that right.

If the $750 reaches the buyer's account, the parties need to follow the written handling terms. That may involve a return or an agreed settlement adjustment. This example does not establish what the actual trust, bank or closing agent would do.

The buyer should not count that $750 as both a price credit and a payment the buyer can keep. The seller should not assume the payment is lost merely because the deposit date follows closing. Trace the entitlement, the actual receipt and any adjustment as separate entries.

There is no daily proration assumed here. Another agreement might use a different rule. Ask whether the transaction documents address declared but unpaid distributions, reserve releases, special payments and amounts held back from closing.

Record any payments already included in the negotiated price. The seller might quote a price before a payment is declared. Ask whether that event changes the price or the parties' rights. Avoid agreeing to a verbal adjustment that never reaches the closing statement.

After closing, reconcile the first statement and payment against the final documents. A correct wire does not by itself confirm that the ownership percentage, mailing details and payment instructions were entered correctly. Report a mismatch through the authorized recordkeeping process and keep the supporting papers.

## Review the Remaining Hold and Current Tax Structure

An older investment does not automatically have a shorter remaining hold. The original plan may have targeted an exit in 2028. At an October 2026 review, that does not establish a two-year wait for sale proceeds.

Ask what supports the current exit plan. Property work may be unfinished. A tenant decision, loan due date or market change may have narrowed the choices. An old target is part of the history. A current plan needs current support.

The seller's reason for selling can provide context, but it is not a substitute for that analysis. A personal cash need does not prove a property problem. A favorable explanation does not prove the absence of one. Verify the investment facts through the available records.

The transfer file should also confirm the current legal structure. Review amendments, changes in ownership rights and any restructuring since the original offering. Do not rely on a folder name or an old cover page to establish what the buyer will now acquire.

IRS Revenue Ruling 2004-86 addresses a DST structure under its stated facts and restrictions. It does not establish the tax treatment of every interest called a DST. Nor does it approve every later transfer. A tax adviser needs the current documents and the buyer's facts. [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf)

For an exchange-funded purchase, keep that tax review separate from investment quality. A suitable legal structure does not prove a fair price or sustainable cash flow. Strong property economics do not answer whether the buyer's transaction fits the tax rules.

The seller's original cost also does not establish the buyer's tax basis. A price discount shown earlier is only a comparison with historical cash paid. Keep the closing statement. Ask which records the buyer needs for tax reporting.

## Decide What Missing Information Prevents You From Comparing

A useful final review states both what was checked and what remains unavailable. It should not turn a long document list into a completeness score. Ten documents about acquisition may leave the current loan balance unresolved.

Group open questions by the decision they affect. For current income, request recent reports and payment history. Ask where the payment cash came from. For debt, request the current balance, payment terms and due date. Ask what has changed. For reserves, request the current balance and limits on its use. Check planned work and unpaid bills.

For the transfer itself, confirm the seller's exact interest, authority, required approvals and payment rights around closing. For cost, reconcile the proposed price with buyer charges, seller charges and costs payable on a failed transaction. Each answer should have a source and date.

When a file is missing, describe the consequence. Missing tenant records may prevent a current rent-risk comparison. Missing amendments may prevent confirmation of transfer terms. Missing current debt information may prevent a reliable equity-value estimate. Those are more useful conclusions than saying the packet is “mostly complete.”

Some uncertainty will remain even with good records. No present report proves a future sale price or payment stream. Distinguish that future uncertainty from facts that should be knowable now but have not been supplied.

A new offering may be easier to document through an organized placement process. A secondary interest may provide more operating history. Neither advantage is automatic. Compare the actual packets you receive, using the same definitions and a stated review date.

The final finding can be conditional. For example: “The proposed transfer has a lower historical-cost reference and a recent payment record. Current debt terms and transfer approval remain unconfirmed. The packet does not yet support a full purchase comparison.” That statement names the gap. It does not claim the interest is good, bad or improperly offered.

## FAQ

### Are secondary DST interests among the best DST investments?

A secondary label does not establish investment quality. The buyer needs current property, debt, cash, fee and ownership information, plus a review of the transfer conditions. A lower price can matter, but it must be compared with the rights and risks being purchased.

### Does an 18% discount mean the interest is 18% below market value?

No. In the example, 18% measures the difference between the proposed price and the seller's original outlay. It is not a discount to a verified current value. Buyer costs reduce that historical-cost difference further, and neither measure predicts a return.

### Can I use the seller's distribution rate for my purchase?

Check the payment period and cost denominator first. The seller's original cost may differ from your total outlay. The latest monthly payment may also differ from the earlier average. Any annualization needs a clear label, and past payments do not establish future payments or a total return.

### Does a trading venue make a DST interest liquid?

The public materials reviewed here do not support that conclusion for every interest. A reported past trade is different from a current executable offer. Buyer interest, transfer terms, required approvals and closing conditions still need to be checked for the specific transaction.

### Is the original PPM enough for a secondary purchase?

It explains the original terms and plan but does not establish all current facts. Request amendments, recent operating and payment records, current debt and reserve information, and the seller's ownership and transfer documents. Mark any missing period or condition explicitly.

### Who receives a distribution paid after the transfer?

The answer depends on the actual payment and transfer terms. A record-date rule can entitle the seller to cash paid after closing. Do not assume daily proration or use the bank deposit date alone. Confirm entitlement and any settlement adjustment in writing.

### Can a secondary DST purchase qualify for a 1031 exchange?

The label alone cannot answer that question. The current structure, governing documents and buyer's transaction facts need professional review. Revenue Ruling 2004-86 applies to its stated facts and restrictions; it is not a blanket approval of every secondary purchase.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings.

## Sources

- [NewStar 17 Sweetwater Springs PPM](https://pcsalts.com/wp-content/uploads/2026/03/NewStar-NewStar-17-Sweetwater-DST-Private-Placement-Memorandum-PPM.pdf), February 9, 2026; selected cover, contents and printed page 25 reviewed. Not a current secondary listing.
- [Realized: DST Secondary Market](https://www.realized1031.com/dst-secondary-market), undated public page reviewed October 17, 2026; included statistics labeled March 2023. No authenticated seller packet obtained.
- [LODAS: Secondary Market](https://lodasmarkets.com/secondary-market), undated public page reviewed October 17, 2026. No authenticated order book inspected.
- [LODAS secondary DST trade release](https://lodasmarkets.com/news/post/lodas-markets-becomes-first-to-execute-fully-electronic-secondary-market-trades-of-delaware-statutory-trusts), September 5, 2024. Company report of August 2024 trades, not 2026 inventory.
- [SEC: Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin), August 17, 2022; updated September 21, 2026.
- [SEC: Restricted Securities](https://www.investor.gov/introduction-investing/investing-basics/glossary/restricted-securities), undated guidance reviewed October 17, 2026; public-resale conditions are not a universal private DST transfer timetable.
- [SEC: How Fees and Expenses Affect Your Investment Portfolio](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated), July 23, 2025.
- [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf), 2004. Tax treatment depends on the stated facts and restrictions.


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- [DST Due Diligence: A Practical Checklist Before You Invest](https://sequoia-research.com/writing/dst-due-diligence-a-practical-checklist-before-you-invest)
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