My gut says dive in and get started.

I very much agree that you must take a "deep(er) dive" into the assessment of the prospective property.  

I feel possibly that some of the valued relationships I have could truly change around my circumstances and greatly effect the success of this new business I'm looking to dive into. 

If the numbers make sense than i would deeper analyze the market that it's in specifically. 

I did go sky diving a few months ago and have a snowboard trip planned for the winter.

One of our properties had a proposed increase of 3-4x.Water & Sewer shouldn't be a huge concern, but you need to go a layer deeper. 

We basically just don't want to dive into it without all ducks in a row and we can't make any moves until we have this part figured out.   

I think you have an amazing opportunity and that it's a good time to dive into investing in the market!

It seems like your friend is only sharing the profits (if any) but is not sharing expenses, risk or potential losses.It could be a lending relationship more than a partnership, and frankly it would be better if it is lending.Needs a deeper analysis, in my opinion.Either way, it is NOT income to you.

Without know ANYTHING about your HOA coverages, or your renters insurance policy, I would say that it sounds like you need to dive into your policy documents.Most (not all, but most) HOAs cover "Walls Out", meaning that the exterior of the unit.