Claim gains/losses from friends k-1?

[Ryan Louie]

Hello!

My friend works for a real estate development company and gets to invest in the projects his company develops.  I gave him some money to invest in one of their projects and it looks like they are getting ready to sell the land for someone else to build the project.  Would we be able to just claim our share of the gains/losses on his k-1?

Thanks,

Ryan