The core difference between Equity and Non-Equity club models is related to the ownership of the club assets. In an equity club, the members own the club and the club owns the property portfolio. In a non-equity club, members do not own the club; they simply have rights to use the properties. Also, in a non-equity club, properties are typically financed with significant debt, whereas with an equity club, properties are wholly owned by the club with no debt.