You can find a lot of good information at sense financial.

Depending on the context of the parties' financial situations and intentions, there may be implications for financing, ownership, accounting, and taxes depending on whether you are co-borrowers or one of you takes out a loan and the other provides down payment or some other financial contribution.

I am unsure currently of our friends financial situation as far as him putting any money into the deal himself.

If you're on good financial footing and have a solid credit score, I would urge you to look beyond FHA loans.

You can easily be more or less involved, and whichever you choose will significantly influence your ROI.

Once I have that I’m able to get a better idea of the financials and I’m sure I can move forward 

I’m financial free meaning no debt, low bills, plenty of cash reserve.

I’m financial free meaning no debt, low bills, plenty of cash reserve.

(research criteria you could use) and then just start networking and have your financial house in order and before you know it you will have your first investment!  

Ive said this house needs a second bath right from the start and have gotten nowhere(even the realtor said it needed one), the biggest problem I see in this scenario  is that I really wanted and needed someone who has done many of these with the mindset of the investor/REIA  to walk me through, not my dear hubby who although very talented in what he is capable of doing isn't very good at organization, timeliness, of follow through, therefore he has now quit on me and Im stuck trying to learn AND figure this out and not lose my shirt in the process.I had my realtor walk through the job with me and try and help refocus me but I really even need the financial piece played out at this point .