Are you willing to bet your house on 2 of your friends having their finances 100% in order until you decide to sell? I wouldn't. Look at how much you're coming out ahead over a rental. Then decide if that amount is worth the risk you're taking. It's your call, but you'll also be left holding the bag if it doesn't go the way you planned.

You’re taking a big risk that everyone will contribute.

Also a rule of thumb is that you’ll lose money if you don’t keep it for 5 year’s minimum.

There’s also closing costs and all that too.

What if you get a roof leak and you need to hire someone? Do you want to go through that? Water heater breaks, furnace goes out. Anything.

One of you will have to sign the paperwork. Everyone else could bail and that person is stuck holding the bucket.

It’s a huge risk. Just rent during this time

I think the number of people still complicates things.

What happens if one of the 4 people pays in for three years the leaves? Do they get equity? How much? What about repairs? What if the roof needs replacing or the hot water tank or AC goes? Who pays when someone punches a hole in the wall? Should the two people that "pay in" get more equity? They are the ones taking the risk.

Given home prices are at an all time high, what happens if the property takes a loss after 4 years? What if someone doesn't want to sell at the end of 4 years?

As everyone else has said, this is not a great idea.