It can backfire spectacularly and your friendship will be torpedoed.It happened to me.Do not at all assume because they are your friends that you will all have the same ways of thinking, expectations, common sense, sense of compromise, give and take.I was a realtor for a spell some years ago.

If someone has the opportunity to save for a period of time to buy a property in cash, then I think that is spectacular. 

The other investments I made during this period all did spectacularly.

They actually led the crash in a very spectacular fashion.

Pretty hands off, keeps the house decent, nothing spectacular, but nowhere near destroying house. 

Here's a fascinating tale:In 2009, Iceland had a spectacular financial meltdown leading to economic disaster, thought to be caused by over-zealous male bankers.

I rented a Airbnb in the catskills and it was a bummer.. beds terrible well quite working.. just not my cup of tea.I get it though for like a ski vacation or if its a high end condo that I would get.. and since I am a business traveler I get enough points each year to take two spectacular over seas vacations on my points.. up graded to suits each stay is probably worth 10k plus and its all free.. so that to me is a major benefit. 

Nix the bush by the garage unless it's something spectacular when it leafs out or blooms.

But I have seen at least 4 spectacular failures in the last 5 years as well.

I have bought about 35 properties at foreclosure in Cleveland last 2.5 years  Never saw a one.. some we made spectacular money on others we literally  lost money on..