RE: Buying a House on the blockchain with SBD!!! The craziest Steem investment I've made to date is NatEstate.
also recently commented this on another post, but especially in the United States, here are a few other potential "issues" to be aware of...
the real key to "legality" (in the United States, at least) is to determine if ICOs pass the "Howey Test"...
The "Howey Test" is a test created by the Supreme Court for determining whether certain transactions qualify as "investment contracts." If so, then under the Securities Act of 1933 and the Securities Exchange Act of 1934, those transactions are considered securities and therefore subject to certain disclosure and registration requirements.
Link: What Is the Howey Test?
You may also find these helpful as well:
Link: Appcoin Law: ICOs the Right Way
and for a really in-depth PDF overview...
Link: A Securities Law Framework for Blockchain Tokens (27 page PDF)
You can't do it in the US as stated, The ICO is irrelevant to what the scheme constitutes, which is a real estate invest fund.
As such real estate investment law applies and the investment scheme needs to be wrapped in a proper legal infrastructure of partnerships. Additionally it is almost guaranteed that you must supply needed disclosure documents, KYC, and a qualified investor questionnaire. You should contact a qualified attorney to determine how this structure needs to be setup, otherwise your going to have problems, and not just with the government. A US citizen can take you to court and sue you personally if you don't take the proper steps to insulate yourself in the means that the law provides. There are certain people who will sue if they know they can win a suit, they can claim you swindled them. They will show the court all the steps you should have taken and didn't. Just things to think about...