House Hack FHA loan with a partner

[Jim Funk]

Hey everybody:

My RE partner and I are looking at the possibility of teaming up on a house hack.  I own several properties on my own in other cities.  Recently I started working with a college kid who is doing some wholesaling to make some money and get his foot in the RE door.

He had read about house hacking with a partner, where he applies for the FHA loan and finds a partner to cover the down payment.

I have no experience with this at all. Is this possible? Does he have to meet the income requirements? Can we do it through an LLC? Can this be done? If so, how?

THANKS!