Key Prinicipal - what exactly is it?

[Kevin Nguyen]

An investment group found a 140 unit apartment complex valued at about 8 million.  They opened up the opportunity to be a KP to the public, however they are selective.  As far as responsibilities, it seems that it allows me to be hands-on with property operations.  It seems like a very good opportunity for me to dive in and learn....too good.  Why?  I have no experience. 

I've read (on the forums) that Key Principals are usually brought in because the lender requires a person with more experience OR a person with more liquid net worth to be on the loan.  However, none of these requirements were listed to be a KP in this deal.  Plus investment to be a KP in this deal is low -- well below 100k.  

Is there a traditional or standard role for KPs in apartment investing?