Was the person going to put you in as the investor of their business? Well as a friend if you have money you can lend them, but if you're going in as an investor then you should be cautious. People can lose friendship by entering into business with their friends.
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He wants me to go in as a friend, and neither going in as a friend or investor because he didn't do his research well. He only heard there's money in the business a decided to go in.
That's saddening. I think as a friend, the business relationship is flawed because you're probably going to be sentimentally invested, especially since you're not sure how solid the business is, which might cause issues in the future.