Hope this helps so, we are a project management company that specializes in managing, operating, and subcontracting projects for builders and contractors.

What happens once he's out (ie if he loses stuff) is not your problem. 

I believe @ Aleksandr Simonelli can go to 75% on n/o/o.I hope I am tagging him properly w/ this link...Aleksandr Simonelli | BiggerPockets

With the divided Congress that can barely keep the government funded, I have personally given up hope that it will pass.

Hope this answers your questions. 

Is it easy for my friend to shift full ownership to me if he loses interest (Not a huge risk but something to think about)?

I'd recommend connecting with more people in your community such as landlords and other investors to see who they are using for their services in hopes of finding reliable contractors and well as some advice to overcome the most common/obscure pitfalls.

Hope this helps!

I hope that helps, feel free to connect! 

Quote from @Yocheved Beer: @Sebastian Bennett I would only sue if a lawyer told me that I would win, but if its not a good case i will just move onIf your attorney tells you have a slam dunk, can't lose case, I'd probably look for a second opinion.