This phenomenological case study investigated teacher candidates' experiences in a yearlong undergraduate teacher residency program to identify candidate conceptualizations of the effective design elements of an intentionally created practice-based teacher education program. Such experiences are generally characterized by full-year co-teaching experiences in PK-12 classrooms alongside a mentor teacher within a district whose values closely align with the preparation program, while simultaneously taking relevant coursework with supporting university faculty. Researchers interviewed 16 teacher candidates to develop deeper understandings of the meaningful structures of the residency program as manifested through their experiences. Through an analysis of candidate statements, multiple key design elements and candidates' perceived impact of the residency were unveiled. Findings demonstrate a paradigmatic challenge to current preparation models, and the potential of practice-base preparation, in particular teacher residency programs.