I'm thinking of distancing myself from a depressed friend
Why do you want to distance yourself from your friend?
I think it's best for me to wash my hands off him, he wants too much of me.
Dealing with a friend with depression is hard but you shouldn't leave them alone just because it is hard. Friends should be there for each other otherwise you will end with no friends.
I don't need friends like that who require a lot of my support.
Wouldn't you want a meaningful relationship with them? Friends are supposed to stick to each other thick to thin, and you'd have a lot of great memories if you do!