Out of State Purchase/Partnership

[Ben Cochran]

We live in California, but my wife is from Hawaii. Her good friend, who still lives there, just asked for our help. They own multiple businesses and make close to half a mil annually, however due to their accountants creativity, they're taxable income is much less. To the point to where they are not able to qualify for financing on their own. They've asked for our help to purchase a property, there in Hawaii, where we would obtain the financing and they would pay the mortgage. 

If we were to seriously consider this, what would be the best route to take? Partnership? 

I'm afraid that my wife and I would not qualify for the new loan on our own since we are close to being maxed out. However, with their down payment funds, maybe it could work?

The seller's of this property will not carry-back. They've already asked. 

Any suggestions would be great!