Assume you've just inherited $100,000 and wish to use all or part of it in real estate investment.

a. Would you invest directly in real estate or indirectly through something like a Real Estate Investment Trust (REIT)? Explain your answer.

b. Assuming that you decide to invest directly, would you invest in income-producing property or speculative property? Why? Describe the key characteristics of the types of income-producing or speculative property you would seek.

c. What financial and non-financial goals would you establish before beginning the search for suitable property?

d. If you decide to invest in real estate indirectly, which type(s) of securities would you buy and why?