Do you have a ton of cash to use or are you looking for a joint venture etc... 

I would also be interested in doing a joint venture with another investor if they felt this was a good deal.

If he doesn't have the money and is thinking he can make it on future unemployment benefits, he needs a reality check.Since the three roommates are jointly and severally liable, it is your duty to inform all of the tenants.  

Purchase as tenants in common, both go on the note jointly at a bank, they can probably marry the two of you financially at least.

He's involved in a 1031 exchange from a property in southern California he's selling and wants another so cal property, so hopefully we'll be able to work out the details for a Joint Venture!

The property was owned by two joint tenants, a mother and daughter.  

Scenario:Potential Joint Venture Deal with a Partner.

The bank said I have to be in my Fourth year. (1) My nephew can't get a joint mortgage with me because he work and lives in Canada.

I have property that is jointly held with my siblings.  

Find and read as many contracts as you can, understand every word and what the meanings are.Understand your what you want to accomplish; buy and hold, control and roll, short term assignment, joint venture ....