The profitable and account part of investment process in the real estate is presented by the following key operations: - Chargeable part: decision-making, search and preparation of object; research of the market; architecture/designing/design; positioning in the market; construction/reconstruction; - Profitable part: sale and attraction of means from investors/credit establishments. The specified kinds of operations are interconnected. The best and the most effective utilization of a land lot in building and ready object, depends on consecutive and full application of operations. The profitable real estate is most sensitive to volumes and quality of spent operations. //On different cycles of the real estate, monetary streams of operations differ, but for the best and most effective utilization the volume of operations should be full. The formation of a portfolio of the real estate and the work with it, should include all kinds of the specified operations, - this reduces risks and increases profitableness of a portfolio of the real estate.