Investing in Real Estate<br > UNDERNEATH everything is the land. There is a fi-<br >nite supply of land， and for all practical purposes no more is being<br >created. Yet there is a continuing increase in the population and<br >the demand for land. With that built-in advantage， real estate ob-<br >viously has something "extra" going for it that most other invest-<br >ment vehicles do not. But not all kinds of real estate investment<br >are right for all people all of the time. How do you choose?<br > In this chapter we will look at several kinds of real estate in-<br >vestment vehicles: owning your own home， vacant and raw land，<br >industrial and commercial property， condominiums， syndication，<br >real ~state investment trusts， and residential income property.<br > After considering the special features of each real estate in-<br >vestment vehicle from an. investment point of view， including in-<br >come tax considerations， the conclusion will become inescapable:<br >for the "small" private investor， residential income property--the<br >small apartment building--is the best real estate investment<br >vehicle.<br >What is Real Estate?<br > A piece of land defined and designated by a description of<br ><br >