I'm currently renting a house with 2 buddies. 

This was a question I just wanted to confirm for in the future, thanks for the obvious response buddy. 

My buddy did this in west Denver and came in at about $50,000 ready to rent.

Both my buddy and I are new to the industry and are very excited to learn from fellow members on BiggerPockets!  

I called my buddy at a title company and asked him to run a search to check if the home was owned free and clear (which I assume it is).  

Welcome buddy I am a few months new.

For that matter a buddy who may say something to help his friend out There are many variations that could be discussed, some valid issues, some not.  

If your plan is to approach sellers directly with the intent of getting great deals and flipping them, then your buddy is probably correct.

Those are just my thoughts on the matter buddy.

.- Someone who has an EXTENSIVE network of contacts (builders, contractors, legal) to get me in touch with (not a 1-deep list of overpriced buddies, people with solid references and track records).