I want to make sure I have this right

[SIGP250]

The problem I see is he is paying for it and you are taking possesion. that might be considered a straw purchase.
If you were the sole person involved in the transaction, purchase, wait, possession, then you could do a sale through FFL's interstate to your buddy later.
I don't think an FFL will allow anyone other than the purchaser to take possesion.
I'm sure others will reply to explain it exactly.

That is a straw purchase.

ATf form 4473 Section A - Must be completed personally by transferee (buyer).

11. Answer questions 11a.....

a. Are you the Actual transferee/Buyer of the firearm(s) listed on this form? Warning: You are not the actual buyer if you are acquiring the firearm(s) on behalf of another person. If you are not the actual buyer, the dealer cannot transfer the firearm(s) to you.

[DefensiveCarry.com]

[Gun Bunny]

That is a straw purchase.

ATf form 4473 Section A - Must be completed personally by transferee (buyer).

11. Answer questions 11a.....

a. Are you the Actual transferee/Buyer of the firearm(s) listed on this form? Warning: You are not the actual buyer if you are acquiring the firearm(s) on behalf of another person. If you are not the actual buyer, the dealer cannot transfer the firearm(s) to you.

This!

Also the waiting period does not begin until all paperwork has been filled out, NICS check done and money given to purchase the handgun. Then on the 8th day your friend can pick it up from the FFL.

[SIGP250]

This!

Also the waiting period does not begin until all paperwork has been filled out, NICS check done and money given to purchase the handgun. Then on the 8th day your friend can pick it up from the FFL.

All Federal law regarding purchase, transfer or possession of a firearm is always subject to any additional waiting period imposed by State law where the transfer takes place. In Maryland the waiting period is seven (7) days. The POC is not NICS it is conducted through the Maryland Secretary of State. A concealed carry permit can not be used in lieu of the state operated background check.