This is an excellent idea. I wish you the best of luck.

I have experience with social networking apps and a BIG challenge that you'll have is if the functionality depends on the person's friends onboarding for the person to get value.

I would encourage you to think very hard about providing value for the user without any of their friends necessarily being on the app. Even if you had a 90% completion rate for each step of your on boarding funnel, the longer you make your funnel, the more you'll trend toward 0% activation.