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A condition of your mortgage is likely that you cannot transfer any portion of title. That is because, should you default under the terms of the mortgage, the bank wants to be able to foreclose. Not having a contract with your friend would create a title issue for the bank. If you don’t want to violate the terms of your mortgage, you should not do this.
I doubt that there’s anything you can do involving the home that won’t breach something in the mortgage.
Has your friend never heard of a REIT?
Yes, they're specifically interested in this property moreso than a portfolio of properties, however.
Just to clarify, is your “friend” a romantic partner that you don’t want to marry but will placate by allowing them to “own property” with you? Because this sounds like committing for commitment phobes 101.
Nope, just a colleague!