Does anybody have any advice on this subject, anything I should watch out for, is a lawyer necessary, does everyone have to sign the deed, or is it a straightforward process I can do myself?

This is a unit you live in? 

@Steve Garcia first, LOVE that you're doing this! 

Seeing how they’ve handled similar projects—especially when things didn’t go as planned—can give valuable insight into their problem-solving skills and reliability.How do you usually gather this kind of information?

This article gives a very helpful starting point.https://www.biggerpockets.com/blog/core-four-real-estate-teamThere are a lot of markets that do have a large selection of MFH that cash flow.

Is this common practice?

Have you explored creative ways to structure these partnerships to maximize returns on your deals?

If he has concerns about maintenance, property taxes etc already and he doesn't even own the home then maybe this should be addressed first.

This was the absolute earliest I could be funded. 

I run a call center for real estate so deal with this stuff all the time.