I just finished printing out 15 pages of covenants for Second Life land ownership on various private sims. I'll be reading through these over the next couple of hours and take notes on how others tackle the various problems that arise when dealing with "virtual" assets backed and purchased with hard cash. I've seen virtual worlds becoming much less virtual as the amount of money (game tokens, virtual currency, whatever) increases and as it becomes exchangeable for real world currency.
If I do this, I want to do it right and be prepared for most cases that (can) occur in world, by drafting a set of legal documents - call it contracts if you wish - that I and my customers can fall back upon if things are unclear. As this is an ever evolving world, I know it to be virtually impossible to foresee everything right now, but with a good set of basic rules and guide of conduct, much can be covered from the start. The rest of it will be drafted as we run into things.
A separate domain name has been registered for this endeavor and a licensing request for use of Linden Lab logo's and trademarks was sent out a while ago as well. I expect to have the sim transfer completed this weekend (cross fingers, it's been delayed a lot) and aim to complete the website by the end of the month.