Advice on 1st and 2nd Property Purchase

[Ronald Daley]

Hi BP Community! 

Can I purchase my 1st property with a business partner (20% down) and afterwards buy my 2nd property using a FHA loan (3.5% down)? Is this a good idea? How likely am I to be approved for a FHA loan if I already own a property?

I want to house hack my 2nd property, but I am not quite ready yet to do that. 

Thanks,

Ron