DST vs TIC

I have some limited experience. Off the top of my head, here are some things with regard to DSTs:

• You don't actually own the real estate--you own shares in real estate;
• A third party runs your portfolio and is designated to make virtually all decisions, including the decision to sell, which you have no control over;
• Most DSTs are for retail properties because the structure requires a finite lease life (e.g. 10 years), but you can create a master lease structure with a multifamily property so there are ways around it;
• Most people are in a DST because they 1031-ed out of their TIC real estate to avoid capital gains taxes;
• DSTs are great ways to avoid capital gains taxes, particulary on very large transactions where finding a like-kind exchange can be very difficult in the allotted time the IRS grants;
• I believe Inland is the big-heavy in DST management/origination business.

If you're looking for expert advice on this topic, PM me and I can forward you the name of a rare DST expert with whom I met several times in summer 2016. It's a pretty complicated business and most of the stuff you read on google is very topical and, frankly, mostly propaganda from the DST industry. To really understand this stuff, you will actually need to talk to a real originator/manager of the DST product.

Edit: And what's funny is that one of the more prominently displayed articles on DSTs is from an attorney that I know. He wrote the article several years ago and, last I looked, it gets prominently displayed in the Google search; however, he readily admitted to not having the hands-on experience to competently advise on the topic. So that's why you should take what you read on Google with a grain of salt with regard to this product.