Opportunity in Memphis, TN

[Bhanik Shah]

Hello All

I have been presented an opportunity to be part of a turnkey project where promoter is seeking minimum 100K (planning to raise 600k for $1.7 M) property in Memphis area. The property is part of student housing for a university and is going to be leased back to university for couple of years. The promoter is offering 8% cash on cash and projects atleast 20-25% IRR in 3-5 years. This is going to be my first deal and I am trying to evaluate if it is too good to be true. Any pointers, cautions, word of advice to evaluate this ?