We are checking out a real estate fund that boasts 20-40% returns but liquidity is gone and it is not back by property.Or should I invest in a flips/ buy and holds?

Better than Vegas or Indian Casino odds, plus you can talk about it!

@Russell Brazil What are your thoughts on the casino being built do you think the area is already bought out or do you think there might be an opportunity with all those employees to find rental units when it comes online?

The fact that you would run onto this site to boast about getting a couple liens also leads me to that conclusion.  1)  There is a reason why you paid minimum bid for 2.  

Of course, I want to be respectful of Chinese culture and avoid any boasting or inappropriate self-centeredness.

The bank doesn't care whether you lend the money to a LLC or whether you go to the casino and gamble it away - they do care about getting paid though.

Think about how many people don't have any qualms about dropping $100k on shares of Apple in the "Grand Casino".  

With that percentages you have better odds investing at a Vegas Casino.

Getting started in real estate investing with an owner occupy multi-family is a smart way to go if you can generate decent cash flow.I would suggest that you start attending the local REIAs, Both Rarebird and North West REIA boast a group of really knowledgeable investors and it will give you a chance to network and learn about the industry.

The next build up I think is going to be behind the MotorCity Casino.