All too true about the friends and not really knowing what they're doing. So many idiot investors expect profits to be paid out like a normal job, ie every month regardless of what the market is doing. And if prices dump (assuming stocks) it won't be good if you're long because they'll tell you it was obvious things were heading lower. Same if we get a big rally, if you're not very long then why not, it was obvious the market was ripe to explode. They'll then no doubt tell you how they can do a better job. Overall as another poster says it's a pretty lose-lose deal for you, unless the friends are alreadly very sophisticated investors.
If I were your friend, and you wanted to actively trade and not earn much (what you said) than I would not give you any money.