Why not just invest in a REIT ETF? Liquidity matters. My favorite, from their Risk Factors in the SEC filing:
We are a recently formed company and have no operating history. As of the date of this offering circular, we have not made any investments, and prior to our initial closing, our total assets will consist of approximately $200,000 in cash.
Translation: we're a start-up and have never done this before, but we are hoping some suckers will give us their money to try out our [insert buzzword here] idea. What could possibly go wrong?
