If no one within the group has experience buying real estate, I would suggest you each buy a property on your own and then have a discussion of forming a partnership in 2-3 years.If you already have experience within the group, I would suggest all the friends get together over coffee and brainstorm all your concerns.

My business partner and I went into contract on a 4 family property in Framingham, MA.

I have been watching the markets for the past year or so looking for a property that I can use the BRRRR method on, but what I have been seeing is that the homes that require work are selling for WAY more than they should in their condition.

As a buyer and someone who does wholesale when properties that don't fit our buy box come through our pipeline, I don't ever count other people's pockets as long as the deal makes sense to me, than why worry how much someone else is making on it.

If I find a property that I am interested in, contact the broker for more information or additional details...What's next? 

I think you have about 90 days to move into the property for an owner-occupied loan but I am not sure if that differs between FHA vs. conventional - @Zack Karp or @Jose Valdovinos could confirm that...Either way, I'd follow the advice of others above...give the seller two or even three separate offers that work for you. 

A completely paid off property purchased at a 6-7 cap, and appreciating at 3% per year long-term is a 9-10% return with very little tax.

six months later, he closed on a property without it ever hitting the market.

Property manager here.

Currently working towards acquiring rental properties in the future!