There are a few different types of properties, roughly separated by levels of ownership. Depending on how much responsibility you want to take or your desire to build equity. For all types, the land is owned in the trust, but the buildings are owned by the residents. The following are general descriptions, you'll want to verify the rules for each individual property.
Very similar to renting an apartment. The difference being that rather than a company or landlord, the Land Trust owns both the land and the building. The rules of the trust ensure that units will be affordable, maintained and stable. These are best for people who may want to relocate in the future as easy as possible, and are not concerned about growing equity.
In this scenario, residents are members of an entity like a corporation. The corporation owns the building, and leases the land from the trust. Should a resident choose to leave, they sell their interest in the corporation. Depending on the market at the time, they may see a profit. Decisions are made together and as such there is a greater sense of community in a Cooperative.