Yes, someone could just buy a REIT, and probably get a better return with less risk. (Advantages of a REIT compared to this guy: more properties=more diversification, professional full-time management, etc.)

You still haven't answered other problems, such as "What if the guy we rent it to is a deadbeat?" and "What if the guy we rent it to refuses to pay?" and "Who picks the apartment, and at what price?" and "Is a management fee paid to the guy who does the work of collecting and distributing payments?"

Also, I believe Kickstarter doesn't allow you to sell shares, only products. If you were doing this in the USA, there are all sorts of securities laws you have to follow; other countries are probably similar.

Also, what prevents you from Ponzi-ing it? I.e., take the money and disappear, or "buy" more apartments and use the profits to pay off previous investors?