buying an apartment building with friends

[tommo]

I'm graduating soon and several of my friends are too. We are all looking for a place to live and have a reasonable income (100kish a year).

We have worked on projects together in the past and are unlikely to have money related problems.

I'm aware that this is a really vague question, but ask for any details you want and I can provide them. I'm wondering if it would be a good idea to buy a 5 or 6 apartment building (we would probably live in different apartments) and rent off the rest. What are the draw backs to this? Is this a good approach to investing some of our money?