It's hypothetically doable but really what you're then looking at is investing in someone else. If you don't want to be there, you need the person who is to have skin in the game. You and your mate put up the capital to seed the shop, and you find a unicorn - someone young and enthusiastic (or a young and enthusiastic pair) who want to level up from managing the local 99 Bikes to owning their own place.
They take a shit salary and get 10% equity after 2 years and another 15% after another 2 years, with some accelerated growth incentives thrown in if they get it cranking quickly. Make them a director(s) so they can't just walk out. You guys get to "own" a bike shop, get access to sweet wholesale discounts, can contribute in the background by leveraging your other skills (whatever they are) in service of the business without having to spend your life there or talk to customers.
And you'll probably never make a return until you sell the successful bike shop (or tenanted property) 10 years later.