Several friends are debating the pros and cons of various approaches to real estate investment: Terry Talkalot (age 40) is a vocational education specialist who teaches woodworking and blueprint reading at a local high school. Talkalot's school does not offer summer classes, so he is employed for only nine months each year. Talkalot is married and has three children, all of whom are in secondary school. The Talkalot family's annual income averages about $42,000, and their net worth is about $100,000. Sharon Shortsell (age 40) is a stockbroker. She cams more than $160,000 annually and works about 60 hours each week. She has a portfolio of common stocks worth more than $1 million and thinks real estate is an ideal way to diversity her portfolio. Shortsell is unmarried and has no dependents. Gary Gladson (age 60) recently inherited $3 million from his father, whereupon he resigned his job as a clerk at the local library. Though he has little education beyond high school, Gladson intends to invest his inheritance and manage his own portfolio. Formelda Hyde is a 34-year-old physician who works about 50 hours weekly and earns about $120,000 per year. Hyde is the sole source of support for three dependent children, whose ages range from 3 to 12. Her assets have a net value of about $200,000. Required: These friends are arguing over the relative merits of REITs, shares of stock in real estate corporations, and direct investment as a sole owner of rental property. Making the necessary assumptions where information is lacking, suggest possible avenues for real estate investment by each of these friends