FHA loan with a 50/50 partnership with someone?

[Brett Riemensnider]

Hi everyone,

I’m looking to buy my first investment property. At the same time, a very close friend of mine wants to buy his first home. My goal is to present him with a 50/50 partnership on a single family or up to possibly a triplex in which he would be one of the occupants.

Would we be able to use an FHA loan to get locked in at a 3.5% interest rate? My current mortgage is not FHA.

Who are the right people in the real estate business that I should be reaching out to for more information before I present my idea to my friend?

Thanks.

[Preston Dean]

Quote from @Brett Riemensnider:

Hi everyone,

I’m looking to buy my first investment property. At the same time, a very close friend of mine wants to buy his first home. My goal is to present him with a 50/50 partnership on a single family or up to possibly a triplex in which he would be one of the occupants.

Would we be able to use an FHA loan to get locked in at a 3.5% interest rate? My current mortgage is not FHA.

Who are the right people in the real estate business that I should be reaching out to for more information before I present my idea to my friend?

Thanks.

 Hey Brett,

David Greene talks about getting together your CORE 4. 

Your deal finder (maybe a realtor)
Your property manager (sounds like it would be self managed)
Your lender
Your contractor. 

These are the people you need to bring into your circle.
An FHA loan is not 3.5% interest, it is 3.5% down 

$300,000 property at 3.5% down = $10,500
To have an FHA loan it has to be owner occupied so your friend would have to live in the place. I would go after a 4plex in my opinion. 
If you are wanting to go in on a deal with someone I would have the duties and responsibilities thoroughly outlined in the contract.
what is your exit strategy?
What is their long term play?
is it fix/flip and yours in buy and hold?

Making sure yall are aligned on this will save you a world of headache.