Mick, unless it's a small group of friends and everything's on paper, it's not completely advisable. There was a spanking new development near Trogir in Croatia that was being developed by a syndicate (headed by an Irish guy and a Welsh guy). The buildings went up in double quick time and they had sold half the apartments, but then it stopped. It turned out the licence to build had never been obtained, they had mortgaged the land and the building and the contractor was left severely out of pocket. The money disappeared and there's a court case pending on recovery of assets.
To be honest, it looked perfect and I even told my uncle to have a look at it, but it was all a scam.
Get some friends to club together, put in a few thousand each, buy some land, build apartments and sell them, at least you'll have control over it.