Identifying Operational Risks in Real Estate Investment

John is considering investing in a real estate property as part of his diversified investment portfolio. He has heard that real estate can provide solid returns, but he also wants to understand the risks involved. One common risk factor in real estate investment is the potential for changes in market conditions that can affect property values.

In addition to market risk, John is interested in understanding how operational issues could impact his investment. For instance, he wants to be aware of the risks associated with managing the property, including the potential for vacancies and maintenance costs. Given these considerations, John is seeking to identify which of the following risks is primarily tied to the operational aspects of real estate investing.