Is this a good deal for me? PLEASE HELP

[Elena Facchinei]

Hi, I am BRAND NEW to real estate investment.  I've been an agent for almost a year and closed 3 residential deals. My client is interested in investing in a new-construction build of a 23-unit apt. complex in a great neighborhood in San Diego.  I'm attaching the information. Here is what I know-

$250k Strong (my client) = 1/3 = 7.33 Units Each$250k Elena/Investor = 1/3 = 7.33 Units Each$250k Mike/Builder = 1/3 = 7.33 Units Each
$250k Investment = Profit $2 to 3.3 million.
Purchase $2.2
Build Cost $4.1
Total Cost $6.3
ARV = $12 to 22 million
Profit = $5.7 to $16 million

Construction to take 18 months

I am meeting with a lender and the developer, Mike today. Mike wants my name, my client Strong's name, and his dvp. company on the purchase agreement.  I don't have any liquid cash, so we are to discuss creative financing.  

What questions should I ask?
Should I consider this?
What should I look out for?

Thank you!https://drive.google.com/drive/u/0/folders/1q4nmVmKhA2nkpnB7...

[Dan H.]

Quote from @Elena Facchinei:

lol, the developer said I could bring an investor into the deal or use some of his finacing. I'm also bringing another investor (Strong) who will take out a loan for the 250

 Be careful of the various rules.   A syndicator cannot have as sole role raising money.   It is not always followed, but if anything goes wrong that is when they will make sure the Ts have been crossed and the Is dotted.  Make sure you know the regulations. 

I suspect without money and active participation as LP, you cannot legally do what you suggest.

Have you seen the underwriting?  What is the experience of the group at performing this sort of development?   Have they gone full cycle?   How did they perform versus projections?

Fears/risks: the underwriting projection seems too good which likely means very aggressive.  The building of an asset that is down nationally is a risk.  Experience level of the team. Investor pool seems way too small to fund this effort.  Too many single point failure points.  What is the exit?  When?  If not sold at development completion, who manages the asset?

Tread cautiously.   Good luck