By any chance did you grow up in/around South Memphis? 

If get somebody inexperienced at a discount, you are taking a chance. 

(as if they do not get what they need and run out of money then chances of winning a suit are nil)3.

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... 

What I do see is that a strong screening process improves your chances of getting a responsible resident. 

And someone jumping into this as a complete newbie can expect that they have a decent chance of making some expensive newbie mistakes.

And you can do it with little cash, 5% down conventional is better than 3.5% FHA.House hacking also gives you a chance to cut your teeth in all major skills: analyzing deals, buying process, financing, working with contractors, advertising for rent, background checks, property management.

You are taking a chance with every tenant and you hope they are not trashing your house and you don't have an eviction.If your condo did not appreciate it over the last 6 (unicorn!!) 

If the IP addresses are the same for each signee, then there is a chance that the same person signed. 

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.