Being an investor with a developer

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I live in the NYC area I was wondering if anyone has ever been an investor for a developer for a funded investment in Brooklyn? Or in general have been investors with developers in their area? I found a company that came recommended from a mutual friend. He's an architect and has been in business since 2006. The fund would be investing 100,000 for 5 years and getting an estimated return of 18 - 24% annually over the course. Again nothing is guaranteed but his track record shows promising. It would be in 5 small rehabs for buildings in green point BK.  Any words of advice?  With the market being so hot for sellers I thought maybe this would be an interesting route to go down. Curious as to what peoples take are. 

If you are just investing don't fall asleep on your money, that's the only advice I would give.By this I mean always be vigiliant about your money.  So in this scenerio you are apart of a hard money lender group.