About 15 years ago I was invited to invest in a new "prep for study abroad" school in Beijing. The business model was simple; parents paid tuition and fees up front, roughly 100K RMB per student per year, essentially financing the school's operation.
Although the lead entrepreneur was a friend, I declined because, in addition to the business risk, of the visa issues and a reliance on the political guanxi of other investors. I did teach at the school, first part time and later on staff, for four years.
The school was a success and is still operating today. But my friend was forced out and even jailed for a time. He founded a third school which is also also successful but I had decamped to Kunming.
My thinking was, and still is, that the huge pile of cash on day one was far too much temptation and too easily pissed away for me to deal with. The discipline required to make that cash last is hard to find.