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... 

You second property will rip I bet.

He would need to find a place to live,which would take money off the table for collateral in his next deal.

It’s frustrating when people push things to the edge and end up worse off for it.

We could essentially get them off the property in about two months. 

You can also hire a real estate attorney off of UpWork or Fiverr to review the documents and give you an opinion just to be sure.

Last time I did that, years ago, I got off the phone and figured it out myself. 

I recently paid off about 2 acres in Texas that I was able to purchase from a family member.

I would like for the properties to cash flow but have no intentions of living off of the cash flow.

The best way to navigate through all of these hurdles is to find an agent-friendly investor that is finding off-market deals solely for their clients