40 Unit Development in Tampa... Is it a good idea to pursue?

[Nick Kurtz]

I have a new associate who has been in REI for 20+ years, and recently sold 300 units. He has syndicated a few deals and is creating a new one to build 40 units in Tampa FL. I see benefits but I'm trying to understand the full context of building this from ground up. I'm looking at putting money into it and recommending friends to put money into it so any advice is appreciated. The property has been drawn up and is permits are ready so it's just a matter of finalizing the cash for it.

I know Tampa area has been booming so it generally seems like a good idea. Here are two photos of what he gave me as a snapshot. I took out the LLC and contact info since I didn't ask if I could share it.