It's great if you qualify, it has many benefits.

If you are assuming the property, you are actually putting the mortgage in your name, and you would need to qualify for the mortgage with the lender.

The only issue is with a bit lower rent there's a higher number of applicants that won't qualify but I don't mind the volume to get it filled. 

A well qualified business broker or someone else experienced in those calculations (think someone with statistics/finance expertise) can easily do this.  

The buyer can obtain a property with no mortgage qualifying and or a lower than current interest rate, or on terms not readily available otherwise.  

Be prepared for trial runs with several different candidates if you choose to hire a handyman to make sure they turn out to be qualified and dependable.

Assuming this is in fact a good deal, and your friend is a qualified GC, instead of trying to be the lead investor, he should be searching for someone who has the balance sheet to take down this deal on their and be a transactional participant.

Bird dogging is a way to make money but its not gonna get you rich.WE have had many do some birddogging for us on the private lending side to find qualified people that need a loan and its interesting how many last a few weeks - I sense the same holds true for real estate bird dogs.

Quote from @Dina Schmid: You can sell anything you want, but that doesn't mean it will qualify for a home loan or be accepted by a building inspector. 

I havnt even spoke to a lender yet on what I qualify for.