To understand real-estate and its development, I recommend the Urban Land Institute [www.uli.org].
With "only" $5 million, you probably don't have enough to make a big enough impression on the commercial side to get preferential treatment. Real estate is similar to startup investing in that there are relatively tight communities of investors who do deals together. In my opinion, there is little reason to seek a real-estate license if your goal is to invest - commissions are just a line in your pro forma. What is valuable is insight into the market - not the conventional wisdom which floats around among agents.
With "only" $5 million, you probably don't have enough to make a big enough impression on the commercial side to get preferential treatment. Real estate is similar to startup investing in that there are relatively tight communities of investors who do deals together. In my opinion, there is little reason to seek a real-estate license if your goal is to invest - commissions are just a line in your pro forma. What is valuable is insight into the market - not the conventional wisdom which floats around among agents.