Cosigner Opportunity Advice

[Kellen Canfield]

Hello, my name is Kellen and I've been investing in real estate part time for a while now, but am about to quit my job and go full time. I have a unique opportunity that opened up to me recently and wanted some advice on what you more experienced investors thought. I have a friend that wants to purchase their parents' duplex in LA for $700k before it can be sold. There is more to the back story, but the gist is that the sister actually owns the property with her parents living in it and she wants to get out from under it asap. The home is worth around 1.4-1.6M so a ton of equity. 

I have been approached to help the buyer get it by cosigning for an agreed upon fee. The parents would move out, it would be renovated and then rented out. After 3 years they would transfer the home into their names completely or sell the house.

The only thing that I'm worried about is that cosigning for this loan may prevent me from getting a loan within that 3 years for income properties for my business. I know that after a year of it being rented i could show that it's just an income property and may still be able to get a loan for other investments, but wanted to see what other folks thought about this opportunity to make some money by just using my name to cosign. 

Any help would be much appreciated. Any questions, just ask!

-Kellen