Can H1B be a part of an LLC in USA?

I’m planning on partnering with an American citizen on his Airbnb business (rent properties and then rent them on Airbnb) in California.

I’m on H1b so I can’t be actively involved.

I have a few questions:

1. Can my name legally be on LLC as well? Are H1Bs allowed to be a part of LLC?
My American citizen friend will be opening a Property management category LLC under his name.
2. What immigration rules do I have to keep in mind before joining him on his business?
3. I was told I can be a part of the business using an Investment profile. For ex: I’ll just be investing in his business but not do the management part (no active involvement). Then I can sign a legal notice with him regarding how much profit I can take out legally from the entire profit earned. Is there something wrong in the understanding?

Any tips/suggestions for a newcomer H1b in business are welcome.

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