What is Limited Owner?

Legal Definition
A tenant for life, in tail, or by the curtesy, or other person not having a fee-simple in his absolute disposition. As to limited "Company," "Divorce," "Executor," "Fee," "Jurisdiction," "Liability," and "Parinership," see those titles.
-- Black's Law Dictionary
Legal Definition
One whose ownership is not absolute and exclusive. See 23 S. C. 25, 55 Am. Rep. 1.
-- Ballentine's Law Dictionary