Passive investing with tax efficiency for an accredited investor

[Mallik K.]

Please share your advice. I am looking to invest 100k in real estate with good after-tax IRR with a 3-5 year investment horizon.

Based on my research, forums like Fundrise, EquityMultiple (or RealtyMogul), Blackstone REIT and Roofstock feel like good options. Fundrise seems good but I am not sure if its Income/Growth REITs are tax efficient when compared to investing in real estate equity via EquityMultiple. Investing in a single property via Roofstock may be tax efficient but lacks diversification and needs a property manager. Blackstone REIT may be a good option but is it really tax efficient when compared to investing via EquityMultiple (or RealtyMogul)? For the same level of risk (medium), which of the above options should I choose for after-tax returns calculated for a 3-5 year investment horizon?

Below are my constraints

I don't need the money immediately and can keep them invested for 3-5 years.  I also fall in a high income tax bracket, so tax efficiency is important (capital gains tax vs ordinary income tax rate).

I qualify for being an accredited investor based on net worth. I think this opens up a lot of possibilities.

I have enough exposure to stocks and want to diversify to investment opportunities that are less correlated with stock market (which in my opinion is very overpriced and definitely in a bubble).

I have a busy day job, so I don't want to buy a rental property and manage it directly. I prefer something passive.

I also live in California and already have a house as primary residence. Based on my research, most 'rental' properties in the California don't have strong cash on cash returns and depend on appreciation for a good IRR.

I would appreciate any advice you have..

Thank you!