Don't do it. No matter how good a friend. You know too much for it to ever be anything but a straw purchase.
BATFE has seminars about identifying and avoiding straw purchases, so folks like you can keep their FFL's and stay out of jail.
Eddy's Shooting Sports
400 Moffett Blvd., Suite F
Mountain View, CA 94043
Tue-Fri 12-7, Sat 11-5