During the last fifteen years, the professional architecture literature has encouraged practicing architects to increase their involvement in real estate development. Such participation may take several forms ranging from early conceptual development to financial investment. A typical scenario involves a developer asking the architect to forgo all or part of his professional fee in return for an investment interest in the project. However, the literature has done little to equip these novice architects/investors with the practical tools necessary to make informed investment decisions. If an architect is considering such an investment, he must do so with an understanding of what he is giving up and what he can expect in terms of future benefits. / M. Arch.