They might not want their $500,000 in the volatile stock market.

Its not insured if you leave it in the bank at absurdly low interest rates that lose to inflation, stocks have volatility (though certainly you would be invested in them to some extent) and many fewer tax advantages.

Those with the opposite conditions from those listed in the previous sentence are generally better-served seeking safer investments with less volatility.  

Lower incomes, higher debt to income ratios, worse credit, insufficient funds for down payment/closing costs, and more volatile employment histories, lack of qualified cosigners, etc.

But be warned, a REIT is a roller coaster of volatility.

You bet...do a 12-month balloon to force the refinance to recoup your money quickly and protect you from interest rate risk in a relatively volatile market.

I vote lock. this market is just so volatile, and personally I don't like to gamble with my client's success. 

New construction is a very volatile market with wild price fluctuations in both labor and materials. 

You could set up a brokerage account but given the volatility of the stock market I personally not fun of this option. 

Real estate is relatively low volatility while stock is higher volatility, so when see an index that's off -40% from ATH we know there's quite a good of discount component there, good thing about real estate is low volatility and leverage, but the cons are surprise from maintenance.