I like that it is all in person.

I personally don't know much about it but I'm seeing a lot more of this happening in SD and have met with some owners who have been successfully doing this in Serra Mesa and other areas of SD. 

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Don't engage the conversation again. 

What stops the person with 51% ownership from…Hiring their spouse to manage the property @ 50% commissionHiring relatives for cleaning/maintenance at inflated prices.Blocking out holidays for their use. etc etc. 

This initial build is funded by my cash and equity in personal residence.

That conversation might guide how you approach the township about permits, but I would agree with Nathan that you'll likely pay some fines in addition to the typically paperwork. 

If your friend is a super responsible person I’d be troubled by this.

This is based on my personal experience.

Personally I like Facebook marketplace but I get about 85% flakes who either just aren’t qualified or end up no-showing to the showings.