Compound your equity and your time.
Exchange your rental homes for shares in a Fund to defer taxes and step back from management.
SteveNorth Carolina, Georgia & Florida“Your homes are converted to shares and then I could split it between my two daughters.”
KevinHouston, TX“The biggest thing for me was to keep the investment without being a landlord anymore.”
John & ReginaColorado Springs, CO“It looked like Flock could maintain our cash flow and get rid of the headaches.”
StanKansas City area“I had been in the business a long time and I wanted to retire.”
AndyGolden, CO“In my mind I still have the rental property but not the headache of a hard asset.”
MichaelAustin, TX“I didn’t have to go down the traditional market. Instead, this was another way to sell properties which allowed me to keep my equity.”
Investing in American housing for the long-term has paid off.
Including appreciation and rental income, US homes have returned an average of nearly 9% a year for more than a century,1 and real estate comes with favorable tax treatment.
This chart shows price appreciation only: US home prices, nominal, indexed to 1890 = 100, log scale, up about 3.4% a year compounded. It does not include the rental income in the return figure above. Sources: Robert J. Shiller, Irrational Exuberance home price index, December values, 1890–1986; S&P Cotality Case-Shiller U.S. National Home Price Index (not seasonally adjusted), December values, 1987–2025, and July 2026. Series joined at 1987.
1 Average annual nominal total return on US housing, 1891–2015: about 3.5% from price appreciation plus 5.3% from rental income (arithmetic mean of annual returns). Jordà, Knoll, Kuvshinov, Schularick and Taylor, “The Rate of Return on Everything, 1870–2015,” Quarterly Journal of Economics (2019), Table 7, USA.
Dollar for dollar. Keep all your hard-earned equity.
Instead of selling, you contribute your rental homes to a professionally managed portfolio and receive shares in the partnership that owns it. That’s a 721 exchange. Your homes come in at what they’re actually worth, not a discounted offer, so your equity transfers dollar for dollar. And because nothing is sold, nothing is taxed at the time of exchange.
Your rental homes
Income, appreciation and depreciation from your homes.
Title transfers.
No tax at exchange.
Shares in the partnership
Income, appreciation and depreciation from the whole portfolio.
You still own real estate. Now it’s through a partnership.
You did the hard part: buying well, holding through the cycles, keeping the properties in good condition, looking after your residents. Now the partnership carries the work, and you keep the income and the upside.
Quarterly cash flow. Shares that can appreciate.
Rent from the whole portfolio, every quarter, plus any appreciation on your shares.
Illustrative. Distributions vary with account value and are not guaranteed.
No more landlord duties
The day we close, every job on your list becomes ours.
- Vacant homeLeasing
- Broken sinkMaintenance and repairs
- Tenant moving outUnit turns
- Property tax billTax administration
- Bill from the HOAHOA dues
- The 2 a.m. call24/7 resident support
What is the Flock partnership?
One Fund of single family and multifamily rentals across 17 states, run conservatively to deliver reliable performance and peace of mind.
1,864
$362.4M
33%
255
The usual exits force you to choose between paying the tax or keeping the headaches
Sell and lose a third of what you built. Hold and keep managing. A 1031 or DST allows you to defer, but adds deadlines, fees, and complexity. Flock Homes offers another way.
You’ve done the hard part. Let us take it from here.
See how the exchange would work for homes like yours, starting with a real valuation. It is free, and there is no obligation.
Questions owners ask before they exchange.
Still have questions? Call (720) 703-9992 or chat with us.
The 721 exchange allows you to defer substantial capital gains and depreciation recapture taxes you might otherwise trigger in a traditional sale of property. Following the minimum hold period, you can also access greater cash flow quarterly and better control your tax liability by liquidating Flock equity over time. Finally, Flock equity also benefits from a step-up in tax basis upon inheritance which can provide your heirs significant tax savings when they choose to liquidate their equity. We recommend you consult with your tax advisor, attorney, and/or the IRS website to understand how Flock can complement your personalized tax planning.
After a minimum hold period, your equity can be redeemed for cash directly with Flock, subject to the terms and conditions of the Fund documents. Your equity can be redeemed all at once or spread out over a number of years to reduce potential tax liability. Just like selling investment properties, redeeming your equity for cash can be a taxable event.
Flock Homes charges investors two simple fees: a one-time onboarding fee of 6% and an ongoing annual management fee of 1.5%. The onboarding fee is deducted from the value of your received equity in Flock's Fund, and the ongoing management fee is collected from the net operating income of the Fund. Investors typically do not need to separately provide cash to transact or own with Flock. Unlike many other Funds, Flock does not charge a performance fee. Read our Fee Document for more information on our fees.
Yes. Flock Homes can accept properties that are occupied or vacant. If the property is occupied, we will honor the existing lease and work with the resident to renew once the lease expires.
Yes, with significant tax advantages. Like a traditional rental property, Flock equity ownership benefits from a step-up in tax basis upon inheritance, which can grant your heirs substantial tax savings when they eventually liquidate. Additionally, the flexibility afforded by owning equity in Flock's Fund rather than one illiquid property makes Flock an attractive estate planning instrument. However, we recommend you consult with your tax advisor, attorney, and/or the IRS website for personalized advice on your situation.