Is this a viable strategy?

[Andrew Rudahl]

A friend and I are both looking at starting a partnership. The idea is we would split a 20% down payment and then after closing, his parents would cash us out and get either 20% equity or no equity but a great guaranteed interest rate. This way we would be able to scale infinitely just like the BRRRR method. However, we could do it on any property does not need to be a big rehab project. Also less dealing with banks and no appraisal risk. Would this work? What would the best way be to execute something along these lines? Thanks in advance for any advice!