If you can make money in either sector then move forward.

But real estate has become very commoditized within regions and sectors. 

But you must pick a sector within that.

Safety, security, opportunity for myself as well as family/friends, leisure, free time, etc.

@Alina Trigub Well, the frequency of transactions, especially in the commercial sector, is what would make me have a 2nd job at least at first. 

I got started in the Private Equity sector and REITS, every time I see a post with the term Multifamily in it, I immediately think multifamily over 100 units, however on BP not knowing the exact number I'd probably guess 97% of the post titled multifamily are actually post about Duplexes, Tri-plexes, and Quads, which are terms the Guru's have steered away from since using the term multifamily will get you more attention.

Why burden the state when you can burden the private sector/investor? 

I have been part of large real estate syndications, most recently in the mobile home sector, and am now looking to expand to out of state multifamily.

Then, since my LTV would be less than 50%, I could always refinance and reinvest in other things at my leisure without the time pressure.

It is generated by real factors that can be researched and are quantifiable: NIMBY'ism, building restrictions, business expansions of many different sectors, rent control, etc...