I just open-sourced institutional due diligence on a $1.2B real estate tokenization project.

Commissioned by a private investor + legal counsel. They agreed to publish the complete report.

With RWA heating up again, here's what professional diligence actually found:

- $1.2B in claimed assets - zero proof of ownership

- No legal mechanism linking tokens to property rights

- "Zero risk" yield with no disclosed cash flow source

- No verified founders or governance

Full report (methodology, red flags, competitive analysis):

soundmoneyroad.com

This is what real diligence looks like - and why most tokenization projects can't survive it.