Social enterprise and beneficiary communities often co-create value by cooperating in regards to the use of resources. However, we know relatively little about how the property rights pertaining to these resources should be allocated to maximize the co-creation of value. This paper develops a conceptual framework regarding property rights allocation for social enterprise working with beneficiary communities. We propose that while community ownership and control of key resources is ideal, limitations arise when the community fails to perceive a positive tradeoff between benefit and risk and when there is a lack of community consensus regarding resource use. We also explore how conditions might change over time, enabling increased community ownership and control. [ABSTRACT FROM AUTHOR]