My friend is bringing no money...mainly sweat equity.

I also added the sweat-equity by doing all the renovations myself.

Either way, trading your time and sweat will translate in you learning more and utilizing that in your own opportunities.

After you get the first or second out of state property under your belt you'll feel much more comfortable and will know what to sweat and what not to worry about.Happy hunting!

I can't remember exactly what we spent since it was a lot of sweat equity but we painted the interior, exterior, replaced counters, vanities, carpet, resurface hardwood floors, re sod the backyard, landscaped, new roof (got the insurance to pay for it) and custom closet.  

., you are earning your gain through your time and sweat!

Managed to hold onto the property through blood sweat and tears but then ended up selling it after 8 years and not really minding being a renter for a while now :)  Even though I want to own rental properties I'm hesitant to get into an (expensive) property for ourselves as it's just a lot to bite off and risk.

@Jason Pachomski No sweat.  

Are you willing to put in sweat equity?

I borrowed from my 401k (along with a first and second mortgage and credit cards...beg, borrow and sweat) to help finance my first flip...no penalty.