I'm looking for information and reviews for the Inspirato Pass Program. I received an offer for this program and apparently this offer is currently (July 2019) only available to residents of Colorado or northern California.

From my research and looking at their website, the Inspirato Pass Program is quite different than the Inspirato Memberships (Key, Family, Executive). With Pass Program, you pay a monthly fee of $2,500 and all of the properties you book are free (no nightly rate, no taxes, no fees according to their website). The number of nights for a specific vacation home or hotel is fixed, some are 2 nights, some 5, some 7 nights, etc. You get to browse what is available and you can just book it. My first browse through showed some pretty impressive properties, and also some really good hotel suites. But here's the catch... you can only have 1 active reservation at a time. So if you book something 3 months out, you are paying 3 months of dues ($2,500 x 3 = $7,500) during that period where you cannot stay at other Inspirato properties. That may or may not be a good deal depending on the property or the length of time you book ahead. If you wait until the last minute (say you book something every month) then you could really maximize your subscription, but only if there are actual properties available last minute.

So my questions are:
1- is my understanding of this Inspirato Pass program correct?
2- does anyone have experience with it? If so, are the property/hotel options offered good/bad/scarce?
3- if you wait until the last minute (say 3-4 weeks ahead), is there still good availability?
4- is it good value?

Thanks!