We thought for sure our friendship, partnership, and future in RE was in jeopardy.

All of your money from waiting tables, construction, and cashflow can go in the bank to save up as a downpayment toward the next property.Bringing on  your other friend would complicate things and add significant risk to your friendship.

If you consider them a friend then you may not want to buy that property, buy something else, get market rents, and save the friendship.

In the past I've brought together buyers and sellers through friendships and mutual contacts without conflict and compensation never realizing this could be a potential business for me.

Doing business with close family friends is not normally a good idea if you want the friendship to last.Jeff

Just watch out for unscrupulous realty agents... try and deal primarily with the owners themselves...You'll find ok realtors if you build a trusting friendship with one or two...

You don't want to leave your success up to luck.Get MLS access either by becoming a realtor or leveraging a friendship with someone who has MLS access. 

Only invest with friends if you are willing to risk the friendship.

I've created some great business relationships and strong friendships from business and real estate meetups.

I'm new to real estate investing still, but I don't want to miss this opportunity nor damage a friendship by losing his money.