Quit Deed

I live in California and we helped out a friend who was losing one of his properties and try to save his credit. He owed $21,000 in back mortgage payments. We paid that for him and he quit deeded the property to us. The deed had to be signed by his ex wife, himself and his mother (he is the trustee and has authority to sign for his mom). We have the deed but have not filed it yet. The agreement is to fix up the property, flip it and split the profits from the property. He is to make payments until this happens. My husband was very excited to be able to invest in a very good property, in a very good location for such a small investment. I am not so sure. I am very nervous that we are going to get the shaft somehow in this transaction. We did not consult a lawyer. What do you suggest at this point. Everything happened very quickly (deadlines so the property did not go into foreclosure). Appreciate any advise you can give to ease my mind.