Investing in a real estate LLC

[Geraldo Abreu]

This is my first post since joining BP and my first investment in a commercial real estate LLC. I recently was approached to join a group of investors to purchase a medical building that is 100% occupied. My total investment in the deal is $350k and I will receive an annualized yield of 9% and gives me preferred equity of 6.5% of the total value of the property. For those that have done deals of this nature, what questions should I be asking and what potential pitfalls can occur with such a deal? Should I hire an attorney to review the purchase agreement and the LLC.