Burned By Merrill

Hey. Wanna buy a stake in a high-risk real estate limited partnership? Half your money will go into raw land in Orange County, Calif., and a fifth into a troubled Florida residential development. We're projecting a 13% annual payout for three years, but much of that will be a return of your original money to you. And by the way, 17% of your dough will disappear right away in fees and commissions.

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