Obviously he's not committed. If he's do the same is your friend willing to share everything? To pool the money and share the chores etc?
I know some couples who do have a similar set up as what you have described and each one of them has made the remark that they are watching out for themselves and protecting their assets so they wont get taken if it turns bad. Unfortunately, that is really not a relationship...it's more like a business arrangement.
It will only last till your friend gets fed up with it.