Your client Jon recently received a substantial inheritance from his deceased grandfather, who expressed in his will his desire that Jon invest at

Your client Jon recently received a substantial inheritance from his deceased grandfather, who expressed in his will his desire that Jon invest at least 75% of the money in real estate (which is how Grandfather made his fortune). Jon is in the market for his first home. He plans to make a down payment of 20% of the home's purchase price and finance the rest with a mortgage. Jon also wants to purchase some investment property in the form of residential rental real estate. Moreover, Jon is thinking about starting a real estate development company to convert a 120-acre parcel of raw land, on which he owns an option to buy, into residential building lots