Investing in a foreign country and even within your country is a complex and involved process. There are many issues that must be considered, for one to be successful in such an endeavor. Factors which must be addressed so that I can begin to look for investments include, but are not limited to the following: 1. Type of property: (shopping centre, apartments, industrial, office – land development, housing, etc.) 2. Size of property: (measured by …dollar amount, land area, square footage, etc.) 3. Location of property: (may limit access to property inventory) Properties can be found within Toronto, one hour from Toronto, and other locations. 4. Cash Versus Debt : How much cash is invested in a single deal will affect the size and scope of transactions. How much debt are you eligible for and comfortable carrying? 5. Risk: Low risk versus higher risk (When you say you want a 10% return, we have to define “return”. Is it what we call the return after any mortgages on the cash invested and after any principal is paid off, or, is it the return on purchase price?) 6. What total commitment of funds are expected for a single project?: This questions whether there will be future funds budgeted to cover any possible losses in rents due to vacancies or bad debts, the leasing fees to release the space, any concessions or leasehold improvement expenses. Added to this may be capital expenditures required as a result of the age of a property or due to deferred maintenance and other reasons. In addition, this may include additions to the property, etc. Additionally, I would strongly recommend that you consider the following to make your investment more successful: 7. Process: How a property is introduced to your group and how decisions are made must be determined, who will make decisions, how responsive will the group be, legal input is required, etc. As part of this process, visits to Canada may be necessary to educate yourselves about the market. When a suitable investment is identified it would be advisable, potentially on short notice, to see the proposed investment. Without a process in place it will not be possible to act responsively when an investment is identified as suitable. 8. Management: How will the properties be managed both from a property management perspective and asset management (asset management implies dealing with the financial statements, accountants, tax returns, major decisions on leasing, etc. 9. Legal: The legal structure must be established in a manner that best deals with investments by offshore investors, specialty lawyers can work with you on this set up. 10. Experience: As you gain experience this process will be that much easier. Go visit, the areas and inspect the local properties, meet the local players such as brokers, government, and local owners. Neil Warshafsky, Broker of Record | 
COMMERCIAL ADVISORS INC.