I've been invested in REITs for a while, but I've more seriously been looking at direct investments because I've realized that REITs actually behave quite a bit

I've been invested in REITs for a while, but I've more seriously been looking at direct investments because I've realized that REITs actually behave quite a bit differently from owning real estate. (Traditional) REITs are priced more or less like a bond by the markets and will be largely evaluated based on their yield. As a result, you're missing out on the appreciation component of real estate. You also don't get the tax benefits of the interest deduction. With a direct investment, you can look at things like which areas will disproportionately appreciate in the future. It's more like an active investment in a value stock with a nice dividend to boot.