Just a heads-up for your buddy's sake...BATFE frowns on using C&Rs to purchase with intent to resell. Not saying that's what he's doing; I'd just hate for a fellow C&R'er to get any undue attention.
It would probably be a bad thing if he was doing it for profit. He’s not.
Plus, we filled out all the requisite paperwork for the thing for transfer of ownership to yours truly.