Deal Structure Advice - buying home from friend to turn into STR

[Steven Meyer]

New to Bigger Pockets, but loving the content so far. I'm seeking advice on how to structure a deal and was hoping to crowdsource some real estate expertise from the smart people in this community. Bullets below have the context. Thank you in advance for any insights you can share!!!

Situation:

- A close friend of mine (roommate from B-school) is planning on selling his single family home that he lives in because he just went under contract on a larger, more expensive house

- The home he wants to sell is worth $700K to $800K and he probably has around 50% equity in it right now

- I think his property would make an awesome STR (I already crunched the numbers) so I want to figure out a way to put a proposal (or a couple of options) in front of him to buy all or a portion of the home from him

What I want / value in the deal:

1. I'm busy with my W2 job and live in a different city so I don't want to furnish the STR; him and his wife have nice furniture in the home already so as part of the deal, I'd like them to make it STR ready (furnished and decorated) before they move out

2. I'm assuming he has a ~3% interest rate on his mortgage so I'd love to figure out a way to keep that low cost debt as part of the deal

3. His wife manages another STR in town so I want to propose that she property manage this one as part of the deal

4. I will need financing - I could probably bring ~50K cash into the deal and have friends that would likely be interested if I needed more cash

What my friend values:

1. Him and his wife need cash to put a down payment on their new primary residence purchase

2. He is financially savvy (currently in I-Banking) and already owns one investment property so I'm assuming he's open to an offer that would include him retaining a portion of the  ownership in the property