My point is if they try to be slick and convert ownership of any or all of the homes to themselves.
Then they'll be in a world of trouble.
I absolutely understand what you are saying. Please take what I am about to say not as an attempt to attack you but more so as an attempt to educate you.
I mentioned years ago that I teach or have taught several business courses at the university including business for non-profits. I say that to say that what I am about to share is real and researchable.
First, it is important to understand that the main difference between a non-profit and a for-profit is how the profit is distributed. In a for-profit, investors get the money. In a non-profit, an unspecified amount or percentage has to be distributed back into the organization. So, in the case of BLM, the profits of the organization go back to the organization which is 100% controlled by the founders. If they take in $100 million, $65 million could go just for salaries.
But, here is a hypothetical situation that will better explain what is happening with the homes.
Say you wanted to open a barbershop. You could open under the mission of offering free haircuts to military vets. You could operate this business as a non-profit. You could solicit donations to help your cause. You could still charge all non-military veterans a normal fee. You could/ would pay yourself 65% of all the profits including donations. Additionally, you could use any funds that came into the organization via grants, donations, or earned income to purchase a new barbershop with a luxury apartment on top. Now, you are residing in a dwelling purchased by the organization that you fully control. There would be absolutely no reason to transfer the home into your name. By keeping the purchases in the business's name, you protect yourself from ever losing the home should you as a person be sued, divorced, etc. This is why some people incorporate themselves. Yes, you can incorporate yourself and become a business, man.
Lastly, transferring the organization's money into a personal account is considered money laundering. Why? Because a drug dealer or whoever could pay you to take a large anonymous donation, you could transfer it to your account, and then give it back to the drug dealer in some creative way such as a consulting fee. However, another loophole that also happens is putting people on the non-profit's payroll to accomplish this same thing.
Unfortunately, business is a slimy industry. I do not agree with what they are doing, but what they are doing is within the lines of the law. Check around your city and do a search of non-profits. Ask yourself who are these people. Ask yourself, why in the world do preachers get to live in mansions and drive expensive cars? The non-profit game is serious.