I think that’s a really good idea.

Don’t underestimate how valuable flexibility can be when deciding on your living arrangements, especially when you’re young. Being able to chase jobs, transfers schools, move in with new friends you make during school….all of that is very valuable

But this isn’t even close to protecting himself financially.

The four of them agreeing to pay 25% is meaningless to the mortgage company. If a roommate doesn’t pay, the rest of them are still responsible for paying the full mortgage. If mortgage payments are late or the house is foreclosed, it’s hurts all of them, even the ones that paid their share on time

And contracts don’t exist in limbo. OP needs to understand the laws in their state. Can any owner legally force the sell of the house? If so, it likely doesn’t matter what they agreed to. Likewise, if all owners have to agree to sell, it once again likely won’t matter what they agree to.

This stuff is way too complicated for a subreddit and OP needs to have a lawyer involved.

There’s a reason why this is going to be almost universally considered an awful idea.

Let’s put side the ideas of whether you all getting a mortgage is even feasible.

You haven’t even considered any of the routine maintenance costs that pretty much every new homeowner grossly underestimates. And what if you need a new roof? Or a pipe bursts? Or you need a new hot water heater?

What if the washing machine breaks? Do you split the cost to replace? What if one friend can’t afford to chip in?

These are real issues that homeowners deal with all the time. One moderately priced, unexpected issue completely obliterates all the math you did.

And why would you want to tie yourself down to this house? What happens if you decide you no longer want to go to school there? What happens when someone meets an SO? Do you allow that person to move in? What if you get tired of each other and want your own place? What happens if you graduate in 3 years and want to find a full time job elsewhere?

Also, your mortgage company could not care less about the agreements between the four of you. It doesn’t matter how you agree to split costs - each of you would be 100% responsible for the mortgage. If one of your friends doesn’t pay, you have to find a way to come up with the money.

The reasons most suggest to not buy a house with someone unless you’re married (or at least in a long-term relationship), is because at that point, you’ve agreed to create a single household. My wife and I don’t have to discuss how to split the cost of replacing the dishwasher or getting new windows. Neither of us will (hopefully) get a job offer tomorrow on the other side of the country and decide to roll out. Buying a house together is not the same as creating a single household.