Risks of being a KP?

[Steven Rogers]

I'd like to be a key partner on an agency loan, so that I can 'get my fannie mae card'. Outside of the 'bad boy clause', is there any other risk to be aware of by being a key principal on another persons deal? I haven't yet done a large multi family myself, and I am wondering if it makes sense for me to ask a friend if he'd let me hop in as a KP on a deal, just to get past the KP requirement for any future deals I do. 

Thoughts?