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Rookie buyer seeking advice on investing in Houston

Hi, my name is Joe and I am a novice in real estate investing that is looking to take advantage of the low prices on homes for a mid to long term investment. I have recently looked into to buying 3 condominiums as part of a 'purchasing group' (not sure what the term is in the US). Anyway, the initiating company does has purchased a complex of 224 condos from a company that needed some cash (according to them). The initiating company will take care of everything from buying to managing and to selling in 24-36 months(if the investors chose to do so). The prospects and presentation seems lucrative but I guess you never know how true everything is. I was wondering if anyone out there can tell me if a) Houston is a good city for real estate investments in general. b) more specifically, if anyone knows the area of Parramata Lane ( TX 77073) or the area of The Woodlands. The investment does not involve huge sums of money (around 50k and the rest is financed by the initiating company) but I would still like to know if this deal sounds kosher. Any information would be much appreciated ThanksJoe