Which of the following is NOT an advantage for owning investment real estate?

When considering the advantages of owning investment real estate, it's essential to understand the characteristics of these investment options. Liquidity is typically a feature of investments that can be easily converted to cash, such as stocks or bonds. Real estate, by contrast, is known for being relatively illiquid, as it may take time to sell a property or find a buyer willing to pay the desired price.

Cash flow is a major advantage of real estate investment, as rental properties can generate regular income through tenant payments. This consistent cash flow can help cover mortgage expenses and other costs associated with property ownership.

Appreciation refers to the increase in property value over time, which can significantly enhance an investor's return. As properties appreciate, investors can benefit from selling them at a profit or using increased equity for further investment opportunities.

Leverage, while it allows investors to control a more substantial asset with a relatively small amount of capital, is sometimes misunderstood. Though leverage can magnify returns and is considered an advantage, it can also increase risk, especially in declining markets. However, unlike liquidity, cash flow, and appreciation, it is not inherently a straightforward benefit but rather introduces a level of complexity to the investment.

Therefore, liquidity stands out as the characteristic that does not align