Investing in real estate is a good idea, as it will allow you to receive passive income (if you rent out an apartment or house or office space) or make a profit by selling it at a higher price over time. But any investment is a risk. I recently read about Ilya Surkov on the Internet. This man managed to steal investors' money and successfully hide from the Russian police in London.
I kind of like the idea as well, but I have a clue about the process of it, and can you tell me the possible risks please?
You need to know your market and be able to find the right type of property in the right location; are you aiming for students, family, is it near transport links, shops etc?
You would need the finances to cover the cost of renovations, including a contingency in case of unexpected issues with the building. You would also need to cover fees and the mortgage payments, the period for the latter could be extensive if you don't get tenants or sell on quickly. If you are letting, would you do it through an agency and pay the costs of that or travel to inspect yourself? There's also the ongoing costs or repair and redecoration if you rent it out, and you might need some furniture in there. End of the day, what's your return going to be after all the expense?
Also, who would do the renovations? You could buy a place and be waiting to get the work done. There's a saying that good builders aren't available immediately, ie they are booked up a while ahead. There are some aspects, like electricals, where you would need a certified tradesman.