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The difficulty would be the other way around. If he applied for an EB-5 first, he would automatically be denied the F-1. Why? Because for the F-1, he has to have non-immigrant intent meaning the intent to go home when he is done. The EB-5 is immigrant intent, the intent to stay. It is possible to get F-1 first, then later ask for EB-5, but after he asks for EB-5, he will not be able to renew or extend the F-1 status. If denied the EB-5, he could stay on F-1, but he could not extend the F-1 or travel and come back on F-1 because they will already know about his immigrant intent.
So after he gets the F-1 student status and enters the U.S., he can continue to invest in his properties and perhaps create a holding company to handle the business/properties and he can hire someone to run it (he is not allowed to work for it while on F-1) and then grow it to 10 or more full-time jobs for U.S. workers. Once it reaches that, then he can file an I-526 and if that is approved, he can get Residency through the I-485
. Here are the links:
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