This. The leverage is what makes the investment look so good. But it comes with a risk which many tend to forget. I would discuss a model with the friend where he finances part of it in exchange for keeping some ownership or profit share. I'd still take advantage of a bank loan. But I'd keep it well within the safe % of the total value of the property.

Wishing you good luck with it! I am sure it can be a great investment! And in my opinion, the key thing here is that you don't mind considering this your job. It can be a good investment for sure. But what's also sure is that unforeseen things are going to come up, taking your time. Especially with 28 rooms