One side of its platform has its back to the wall, the other wants its pound of flesh. One side is desperate for money, the other greedy for returns. One side is ruing the death of an easy business model, the other yearning for a market-beating asset class.
All around is the murky swamp of real estate.
In the middle sits SmartOwner, run by smarts and shrouded in secrecy. And working backwards to retrofit a legal structure into a business model.
No one can say with conviction what it really is.