Should I join the Investment Committee?

[Celsius Man]

Hi

I am new to this forum, and apologies if this question is in the wrong place

Background -

My friends are setting up a Real Estate Fund, they are the real estate experts with proficient experience in Commercial Acquisition and Fund Investment whereas I am not (I am an experienced residential property landlord).  Legally speaking, this real estate fund is registered under their names only.  They have good connections with the potential fund investors, where my role will be more on the day-to-day property management (once we have successfully bought premises and things are all up and running).  Now, they are asking me to be part of the real estate fund investment committee for the tax reason.

Since I don't have any experience in business partnership, so I have below questions:

1) What will be the legal obligations if I am part of the committee?  

2) Since I haven't got involved in the Real Estate fund setup and I don't know who their investors are, is there any risk that I need to be aware of? 

3) Talking from the industrial practise perspective, what benefits should a member of the Investment Committee have?

4) What other things I may need to clarify/confirm with them in order to protect myself legally?

Thank you in adv