Subject: File No. S7-26-07
From: Ronald A Schmaedick
Affiliation: National Association of Realtors

December 17, 2007

Regarding documentation:

The real estate professional SHOULD NOT be identified as "represents solely the investor" represents indicates other that advisory. Please use advises, consults or the like.

Regarding Compensation

Services: In most states the real estate licensee must have a license in that state to go on site to tour the subject property. Many TIC offerings are
in states other that where the licensee is licensed therefore he or she CAN NOT take the prospect to the property, The licensee must depend on the due
diligence package provided by the TIC sponsor and must disclose that to the prospect.