money/fees from this deal.
ask "how much money are you putting into the deal... and then follow it up with... why aren't you putting in more of your own capital".
Ask who the other members are.
Ask if everyone is accredited
Ask if this is a security or is claiming that he is exempt from reg D. (out of state... sounds like he's selling securities to me)
ask how profits are distributed. ask how losses are allocated for tax purposes.
ask if the deal is in contract now - signed LOI etc.
ask where he is getting the debt and if he expects you to help qualify for the loan (will you be required to sign the loan docs?.... will you need to provide financial docs to help the LLC qualify for the loan...will the debt be recourse? what are the terms of the debt? how many years... fixed interest rate... any interest only period...

The LLC will be formed in which state? If there is a disagreement, how many votes will you have? If you need to sue, in what state will you need file? What if he dies? What if he gets a divorced from his wife? What if you get divorced from your wife and have to sell... what if you die???

Ask to see his financial projections and ask him about his major assumptions... rent roll growth.. vacancy rates...expense growth... (more important than ever to worry about property tax projections)..is his cap rate at exit higher or lower than at purchase.. is there a refi? if so what is the LTV of the new loan and what is the rate...how much cash in reserves before and after the refi?

ask how often he'll be required to provide financial statements.. when you'll get your k-1... ask if you'll be able to see the books... how often..

Note - If you're signing on the note or providing any financial backing for the loan ...you must get a login to the checking account...

etc..