To be a closing atty I don't even want to speculate on how much time you have to put in.  

I'm not one for speculation, though :-)

I have zero experience with privately held Reits but I can only speculate what kind of stuff could happen behind closed doors. 

So you can see why no one would buy it (unless they were in a super-high appreciation market and were essentially speculating on further appreciation.)

Aloha David,Oahu RE investment is all about speculation. 

None of those reason trump market bubbles, speculation, and volatility, but if you invest by cash flow and numbers instead of hunches and gut feelings you can mitigate a good chunk of the risk.Hope this helps.

., speculation.)

As Warren Buffett said, if you're buying properties/assets at FMV, you're not an investor, you're a speculator. 

Or make it like share percentages and sell off their portions to other speculators etc.

On the other hand, buying on the premise of appreciation is speculative and dangerous.