Upcoming Workshop: Structuring an OpCo/PropCo Business

As operating businesses take on a bigger role in real estate, the industry has become laser-focused on how those businesses are structured—and capitalized. The OpCo/PropCo model reflects that shift, offering a framework that bifurcates the enterprise value of the operating company from the return profile of a property or portfolio. 

And the right alignment matters.

It plays a central role in determining how real estate platforms scale, how they raise money and manage risk, and how they respond when markets change. It also determines whether growth compounds or collapses under the dead weight of misaligned capital structures.

The OpCo/PropCo Workshop

At Thesis Driven, we want to help real estate entrepreneurs and investors rethink structure as strategy. On February 11 and 12, we’re hosting a two-day interactive workshop focused on how OpCo/PropCo businesses are structured, capitalized, and evaluated. The sessions are designed for operators, entrepreneurs, and investors who are building platform businesses, investing in them, or even advising founders navigating these tradeoffs for the first time.

Forget about passive lectures. This is a fully hands-on workshop built around real platform decisions: how operating companies and real estate ownership are separated, how capital is matched to risk, and how incentives are kept aligned as businesses scale. Across two live 90-minute sessions, you’ll work through real-world frameworks and leave with tools you can apply to your own company now. 
Sign up for the workshop here.

You’ll learn how to:

• Understand the OpCo/PropCo model in practice, including why companies separate operations from real estate ownership and what different investors expect from each side of the structure
• Structure OpCo and PropCo capital stacks, mapping investor profiles, deal terms, governance, and control across operating and asset-level entities
• Recognize common structuring mistakes, including capital mismatches and incentive misalignment that quietly limit flexibility as platforms grow
• Evaluate OpCo/PropCo platforms as an investor or advisor, understanding what signals durability versus fragility
• Apply these frameworks to your own business, whether you are launching a platform, investing in one, or advising a founding team

Throughout the sessions, concepts are grounded in concrete examples drawn from housing, hospitality, logistics, and other operating-heavy real estate sectors. We’ll show you exactly how structuring decisions shape outcomes over time.

Case Studies in Action

The workshop includes a detailed walkthrough of platform examples, including:

• Sam & FlexHouse Offices – Building a flexible office operating company through PropCo partnerships before launching new ownership vehicles
• Amelia & NewPath Homes – Launching an SFR platform using an OpCo/PropCo structure backed by HNWIs and a family office
• Rebeka & Restored Hotels – Forming a co-GP partnership to develop a niche hospitality brand and portfolio

You’ll review real agreements and structures, including joint ventures between operators and capital partners, hybrid management arrangements with third-party operators, and seed and development partnerships used to launch new platforms.

The workshop concludes with a live working session in which participants map their own OpCo/PropCo strategies, define capital alignment, and receive peer feedback on structure and investor positioning.

Format & Access

The workshop is delivered over two live sessions:
Wednesday, February 11 — 12:00–1:30 PM ET Thursday, February 12 — 12:00–1:30 PM ET

Both sessions are interactive and will be recorded.

Participants receive pre-read materials in advance, including case studies and framing decks. Following the workshop, students gain access to Thesis Driven’s Circle community, where recorded breakdowns, sample term sheets, and additional resources are shared.

Cost: $499 All registrants receive materials and recordings whether or not they attend live.

Who Is This Workshop For?

It's designed  for real estate entrepreneurs who are building platforms rather than single assets, investors looking to understand the difference between operating risk and real estate risk, and advisors working with founders navigating complex ownership and capital decisions.

As real estate continues to evolve toward platform-driven models, structure increasingly determines whether growth supports long-term value or works against it. This workshop can help you wind up on the right side of that equation. 

Register for the February workshop here.