There are syndicators and crowd funding sites that do this type of thing, but I don't know about a land lord association type of structure. Usually the people that get into this are accredited investors because that opens up the full range of opportunities available. If you aren't accredited, many operators don't want to deal with you, because the burdens of reporting to the SEC make it not worth their while.
I've talked to these guys at my local REIA and they will take unaccredited investors, but you still have to pass their in-house criteria to invest:
https://www.shopoff.com/index.php
There are many other syndicators that offer similar opportunities, but you have to seek them out. They aren't allowed to advertise.
Alternately, there are various crowd funding options, but Realty Mogul seems to be one of the top players. They will only take accredited investors, but it's expected that the SEC will eventually change their rules to make it easier for non-accredited investors to get involved in these types of deals.
https://www.realtymogul.com/
I appreciate the help. To add to this, I also found this site:
prodigynetwork.com
I have set up a meeting with them to see what they have to offer as well.
What I can tell from all of these, realitymogul is the only one that allows you the opportunity to buy up the entire loan, and ACTUALLY OWN the property itself.
However, ive noticed that will all other instances, if you dont choose to buy the entire loan, that they place the company in an llc owned by a parent of parent scheme.
I personally, dont trust a structure like this, but at the same time, its not exactly "a cake walk" entering into the commerical space.
Personally, from what I can tell from the structuring so far, prodigy has better property choices, realitymogul plays the markets game more so than anything else, targeting a wide spread of property types, and the shopoff, well I didnt see many properties there I found enticing.
My biggest concerns so far from all three are none of them have actually posted a data set on the realizations of investments, or a scatter chart on overall performance as a whole. This draws a lot of concern from me, as most people with over 10M in funding would normally do this, and they have yet to do so.
I have also noticed that with realitymogul, they put heavy emphasis on the amounts, but no emphasis on the profits, which leads me to believe they are trying to prop themselves up, and make themselves appear more successfully than they might actually be.
I have still yet to receive any form of data sheets on overall asset listing, their values, times of holding, and profit percentages.
In the few instances I have seen anything relative to this, it was from a handful of historical properties sold, of which no hard factual data was provided, and the "claimed" profits were only 9%, which could be achieved by S & P performance on regular index funds.
So far I must I'm not impressed, but the potential might be buried under a bit of dirt. I'll let you guys know what I find.