Oleg Lebedev, a seasoned corporate lawyer, emphasizes the necessity of robust legal frameworks for the success of real estate tokenization projects. As the trend of tokenizing real estate assets gains traction, many startups promise quick and liquid investments akin to stocks. However, Lebedev warns that bypassing essential corporate law principles leads to legal ambiguities and operational challenges. Lebedev advocates for tokenizing equity in the owning entity, such as a Special Purpose Vehicle (SPV), rather than direct property ownership. This approach aligns with traditional real estate investment structures, ensuring clear investor rights and legal compliance. He highlights two business models: the 'Warehouse-First' model, where properties are acquired before token issuance, and the 'Raise-to-Buy' model, which involves raising funds through token sales prior to property acquisition. Both models require careful legal and operational planning to ensure investor confidence and project viability.