Read this threads on partnering: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591...Taking-on-partner-s-and-limiting-our-liabilitesQuestions-for-capital-partners/Real-estate-partnership-questions/And here is a diagram to help guide you on this quest - talk with @Scott Smith to get implementation details:

@Kevin Buck As others have said we would need more info in order to properly assist you, but, your friend should look into the rules of the HOA first to see if the property can be rented (if he hasn't already). 

Most companies have a minimum earned premium of 3-months for this type of policy but at least you can be covered properly until the work is completed and you have a tenant in place.I would call an independent agent and get some better options.- Casey

Avg 10hrs/week easy. 

There was certainly nothing fast or easy about it :-)Sorry, I know little of REI vault, but your post caught my attention......Looking through your profile I see you've done 40 flips in the Portland area in the last few years.

However,  this is not the proper solution to accomplish this goal.See, https://www.nmhc.org/news/articles/the-high-cost-o...And, https://www.gsb.stanford.edu/insights/rent-control...Frank

@Chris Marston for easy numbers yes.

If it’s easy get it tomorrow.

If handled properly it is not illegal.

We are planning to close next week (before Thanksgiving) and need to properly set up LLCs asap.