I've got some equity built up and would like to hear some ideas for real estate investments that do not involve being a landlord. I've been around people in real estate all my life, and lately heard two things: 1) that investing in Southern California is pointless right now, and 2) that I do not want to work with tenants or have a property management company taking a piece of my investment. I've read a little on here about investment trusts, been sent a lot of email on getting involved in new construction deals, and considered some other things. One thing I've ruled out is rehabbing properties, which I know I could do, but after looking into in my area, it seems that the time is wrong (prices are dropping). Any other ideas? I wouldn't mind taking about 10-20k out to play with.

-Jen