Crowdfunding caught fire in 2015 and it will continue to be a hot real estate investing trend in the coming year, said David Tobin, principal at Mission Capital.

"People want to take control of their investing domain and in this day and age the alternatives in the fixed income market are non-traded REITs and private placement memos as an alternative to bonds. The fee structures on those just don't work," said Tobin.

Tobin said legal and liquidity concerns will remain for crowdfunded real estate investors because the practice is still so new to the market. He said questions will endure as to the exact legal structure of crowdfunded deals and whether or not they should be subject to oversight by the U.S. Securities and Exchange Commission.

Regarding liquidity, Tobin said marketplaces and platforms related to the secondary trading of crowdfunded investments will arise and develop, although they are not here today.

Tobin said construction of apartments and hotels near college campuses will continue to be hot in the coming year. He said so-called graduate hotels in cities where there is a big educational and/or medical infrastructure will continue to be popular because of the job growth and highly educated people in these areas.

"They are good alternatives to very overbought, overbid gateway cities like New York, Los Angeles and San Francisco," said Tobin. "Places like Nashville, Raleigh-Durham and Berkley, Calif., have great real estate metrics."

As for the commercial real estate mortgage-backed securities market, Tobin said it could start to crack in the coming year as risk-retention rules come into effect in 2016 and a vintage of questionable pre-financial crisis securities comes due.

"We are seven years past Lehman Brothers and that's a long expansion," said Tobin.