What are you bringing to the table for this partnership, from your short description it sounds as though your friend and his wife don't need you.

@Xavier BenitezYou need to do separate contracts for the following reasons :- If you are using a TREC contract you can only input one legal description- If you are getting a loan other than a commercial loan, you will be getting 3 loans so you will need 3 contracts- If you are wholesaling them you have more options to separate- You will want separate title insurance for each property- You will want a separate deed for each if you are holding them 

im a wholesaler in the phoenix area, I have some properties that fit your description, call me or email me and I will send you details!

@Jay Hinrichs gave a good description of his situation.

On paper (based on your brief description), I would say you have a good deal but I would dig deeper in to the rent roll. sqft is someone limited for a 4plex alongside those rents that you mentioned.

You and the Seller would mutually agree that this diagnosis seems to be an accurate description of the condition or problem.MAKE THE RIGHT PRESCRIPTIONOnce this mutual agreement has been reached, and you have identified the “pain” accurately, you can move on to phase three.

We couldn't go in and look at it directly, but I described the utility room and he looked at the condenser unit while he was doing an install on Property #2 (long story) and it came back very reasonable - $750, based on my description, but not firm since he couldn't see it directly.  

The below is the description of a house I would love to buy.

countyname=BergenRegistryIn our county we can find the history of owners and sale prices, building details and description, taxes (current owed or past due amounts), zoning, and so much more!

The description says that it needs some work, and may need to have the floor replaced.