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I bought and flipped a house about 7 years ago and it was a nightmare. As others here have said you really have to know what you are doing. I went in on it with three other freinds. The problem was getting them all to take it seriously and work on it when it needed to be done. It took about three times as long as we thought it would to rehab it, but it did sell pretty quickly. In the end we made a few dollars and I learned a lot, but I don't know that it is something I would want to do again, at least not with partners. It is a lot harder than it looks.
My hat is off to your friends. They must put in a lot of hours.
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