Token holders legally have ownership of Whimsy properties. When you purchase tokens in a Whimsy property, you are directly buying equity shares in an individual LLC that owns the property.
For example, if you purchase 1% of the tokens in a single home offering, you would then be entitled to 1% of the economic interests of the asset over time, which may include income from rent or property value appreciation.
You can view the LLC Agreements, Form 1-A Securities Filings, Closing documents, Deeds, and much more for all properties by going to the "Documents" drawer of any property page, and clicking the available links.