Real estate has packed quite a punch of late, appreciating 12.4% annually between 2001 and 2006, according to the S&P/Case-Shiller U.S. Home Price index. That clobbered stock prices, which gained only 4.3% a year as measured by the S&P 500.

via CNNMoney.com.

Though potentially profitable, apartment investing is full of hazard.

Here are some guidelines offered to first-time investors by veteran apartment owners:

via latimes.com.