You may want to look at other lenders and options. See if you can find one that will allow you and your friend to set it up the way you described. Another option is to look for private lenders to fund your deals. Hope that helps!
2 thoughts (as I've invested in and been part if a few real estate development projects). 1 - ask around and try and find friends who know people in the industry and ask for an intro. Don't go in asking for money, ask for advice - it works way better. 2 - search on Clarity for people who live ...