Erica wants to break into the commercial real estate industry but doesn't have the capital to purchase a commercial office property on her own. She finds a firm experienced in managing office buildings that are looking for outside investors. Since the management group seems reputable, Erica moves forward as an indirect investor without looking too deeply at the individual property. Two years into her investment, Erica learns that the office building the firm purchased is experiencing record-high vacancy rates and the lease rates have turned out to be much lower than the firm had forecasted. Moreover, the concessions required to lease the units and the costs of building out the space to meet the tenants' needs (called "tenant improvement costs") are eating up any surplus profits. Three years later, the office building continues to underperform, and Erica has yet to realize a return on her investment. 

Did Erica make a mistake? 

What could she have done differently when deciding how to invest in real estate.