Quadrilaterals Inscribed Inside Quadrilaterals

Given any quadrilateral, construct a midpoint on each side. Connect each consecutive midpoint with a segment. What are the properties of the shape formed by joining the midpoints? Does the resulting shape depend on the type of quadrilateral (e.g. convex & concave)? How does the area of the new figure compare to the area of the original quadrilateral?

Suppose you want the new figure to be a rectangle. What quadrilateral would you start with? What quadrilateral would you start with so that the new figure to be a rhombus? What quadrilateral would you start with so that the new figure is a square?
Will the new figure ever be non-convex?