It's worth checking with an attorney for your state. 

There may be tax implications to that maneuver, so check with a CPA.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

All of those people also get credit/background checks. 

If you decide to invest I would encourage you to check out North Carolina.

Hosts usually take 20%a good host replies to the guests quickly with clear check-in information a good host will troubleshoot thermostats, WiFi, and get the house cleaned and ready quickly for the oncoming guest.

Spring and Tomball are a great market to check out as well.

Just wanted to check in and see how the experience has been in the second half of their build after slab?

Have you had a chance to check out any local meetups or REIA (Real Estate Investors Association) events?

Additionally, you could also check with your insurance provider to confirm there's no active risk and provide that documentation to the lender as reassurance.