The 2 immediate questions that come to mind are does your friend have any experience in the space and how much capital is your friend looking to deploy?

I've got $200k to deploy.

My GC has access to more crews he would like to deploy.

I am also a great believer in investing when there is distress and deploying capital when you can.If you are looking for yield in the short run, Manhattan may not be for you.

I have since taken another HELOC out, and am getting closer to deploying it.

Definitely worthy of consideration if you are still trying to narrow down the specific asset class that you deploy your money into.

It seems like too good of a deal to pass up, but my fear is that if the real estate market tanks, I'd already deployed all of my cash into the market. 

However, I'd like to gather as much information/advice with my goals and circumstances in mind so that I can make best decision and deploy this capital in the most effective/efficient way. 

They just want to deploy dead capital and get some cash flow @Cameron Tope

I have deployed the same strategy on my first property in Bartlett, as well.I'm all ears to any questions/critiques!