You will have spent real money to get financial reports that likely show a combination of mismanagement (but likely not illegal) and general inept business decisions, which still won't get you money.I am sorry you had this experience.

Shaq doesn't get half the credit he deserves for his business savvy.

THAT's the beautiful side of this business far to few ever see. 

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

If you have your own business/self-employed you might qualify for a Solo 401(k) or multi-participant 401k whereby you can self-direct into real estate with those funds. 

Assuming you could take out a couple 100k you would have the buying power to start a cash recycling business (brrring or flipping).

Somewhat unrelated, but I do not allow BiggerPockets to do business with partners who require their clients to sign agreements or otherwise agree to terms that prevent them from leaving what they feel to be honest reviews on BiggerPockets.

(Like I think Craigslist is still one of the best websites on the internet, but for some people it's a total turn-off because it still looks like 1995).Capterra.com is a great site for research in this category (and business software in general). 

@Avani PatelFor my flipping business, I prefer to use fewer software programs to streamline things.

They'll be your best friend & business partner in making sure the property performs and gets the attention it needs to keep tenants in place for years to come.