Typically, an investor "subscribes" for a percentage interest in a property through a Private Placement Memorandum and Tenant in Common Agreement. After closing, an investor receives a monthly check for their share of the net income of the property. At some point in the future, usually between three and six years, the property is resold and net proceeds are distributed pro rata to the owners who are then free to "exchange" into another property or TIC program to further defer their taxes.