I was in something like this when I was about 19...hooked up with my best friend's girlfriend one night when we were all drunk. Didn't tell him about it for a long time, and felt so guilty afterwards that I had trouble being around him/them for about six years. Now they're married, and we're all really good friends. That said.
I got lucky. I had a friend who was a much better friend to me than I was to him, and it still blows my mind. I can guarantee you - it is not worth it. I would suggest telling your friend about it, and letting the ball be in his court. If you don't, it will just be super awkward for a long, long, long time between all of y'all. Trust me. And at some point, he'll start to pick up it.
I don't know what to tell you about his suicidal tendencies. You might want to ensure that someone can be around for him, in the event that he might not feel like hanging out with you for a while...
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