Question about Building Apartments - Possible Opportunity

[Anders Johnsson]

A good friend of mine has been building apartment complexes for the past 10 years, and offered me the opportunity to join as a partner on his next project. The pitch to me was that he has a few select partners that will invest $500K-$1M or so, and the pool of cash by 3-4 partners gets the bank loan going - and the building commences. 

During the next 3 years, I would simply get a check for returns, and when the occupancy rate is high enough, the property is sold, and I would get my money back + additional return based on appreciation and sale price.

The pitch is, I do nothing, no headaches, no tenants, and I should see at least double digit returns.

I am in general a bit new to investing. I currently have two SFH's that have appreciated a lot in value, but have also had a tremendous amount of problems, needing extensive repairs. I feel that I am spending thousands every 6 months just fixing broken items, one after another it seems.

The question is if I just keep my houses, or if I sell one or two, and consider an opportunity like this - at the very least, I would like some more information from someone that knows more than I do on the subject.

Any advice?