FHA loans for poor students
I'm a student in my first semester and I'd like to invest in a 2-4plex and do househacking in Utah. I want to get a property before the end of the year so that I can have an early start to building wealth and buy another property next year.
Right now I'm taking 18 credits and I can't get a job, so I won't have a lot of time to build funds for the investment.
I have a high credit score and partners who would help me out with my first investment. I want to get an FHA loan on a property that can have at least 5 other tenants. Since I'm unemployed I won't be able to provide a 2 year work history to banks, or any info about a good DTI (because I don't have an income).
I have found properties that will cash flow about 1k per month.
My question is, can I have a partner co-sign with me and provide the 3.5% down payment, even if that partner doesn't live on the property?
Also, I know that FHA loans require me to live in the house for a year before I can repeat the process. If I plan to transfer schools, I'm guessing I can't buy a property with an FHA and move out 6 months later, right? Or are there work-around to that?
Also, if I bought a property tomorrow in another city and couldn't move there for 6 months, am I disqualified from an FHA loan?
Thanks in advance.