Paul is dead on.I would add covering:- invest in what you know (i.e. if they don't work with or in an asset class they plan to invest in, then they should get educated in that investment space if they aren't already)- the best ways to network with others who invest in said vehicle- how to find a mentor or shadow other people's deals

Think of real estate as any other asset class, You wouldn't buy stock because the companies headquarters is local and you can drive around and look at the building.

This mean investing in small-cap stocks or emerging markets, for instance.  

I'm not playing stocks here.

All of the above aside, real estate investing comes with one major (for me) advantage over the stock markets and that is the fact that I can personally investigate, choose, and manage my investments.

The old owner kept VERY poor records, and is dead to boot. 

If you keep reinvesting it in other real estate assets, the stock market, etc. it will grow.  

That is correct, I am lucky in that the unwind of multiple REO's in the area have left some older stock.

At 24 I was still dead broke and barely surviving.

She suggested that I be more conservative and invest in the Stock Market...I KNOW, your laughing.