Response to the following problem:
Assume you have inherited a large sum of money and wish to use part of it to make a real estate investment.
a. Would you invest in income property or speculative property? Why? Describe the key characteristics of the income or speculative property on which you would focus your search.
b. Describe the financial and non-financial goals you would establish prior to initiating a search for suitable property.
c. What time horizon would you establish for your analysis? What geographic area would you isolate for your property search?