In regards to over-leveraged and being vulnerable, you need to decide on your own financial situation. 

Found 3 on the market, got the rent rolls and financial statements(if you can call what they gave me that).

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.

There plenty of other opportunities elsewhere, my clients are involved in institutional grade properties across the country.

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

@Arpita Patel I would encourage you to have a firm grasp on the numbers and assumptions before taking an investment to investors or a lending institution. 

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.