Ask HN: Foreign Student as Cofounder in the US

I'm not a US citizen, but I'm studying in the states on an F1 Student Visa (I'm an undergrad) and am interested in doing startups with some friends. However, a major concern I have is that as a foreign student I don't think I'm allowed to have equity in a company that my friends start.

My questions are then, 1) What options do I have in my position as a foreign student in the way of starting up? 2) If we apply for YC in the future, will this affect me? 3) If we build a web app and start to monetize it, how do I ensure that I don't break laws regarding employment? I would like not to be deported :)