What are your suggestion for investing $150k from equity?

[Eric S.]

Hi, I live in Toronto, Ontario (Canada) and have $150k in equity in able to access. I would like to start purchasing student rentals which would have a purchase price of around $400k. I'm not able to be approved for a mortgage as my dti will be too high after pulling out equity. I'm considering partnering up with a friend and buying in cash. Would this be the best use of this money? Also, what would be the best form of taking out the equity?

Thanks