FHA loans for poor students

[Austin Green]

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. 

[Jaron Walling]

@Austin Green Reading your post gives me the chills... when you typed it I hope it did the same too you. 

Investing in real estate requires a few key steps. Based on your situation you're not meeting nor plan to meet those steps before buying a property. What you described is risk, on top of risk. I'm sure it's not what you want to hear but it's the truth. 18 credit hours is a lot. I worked a part-time job during college and struggled to manage no more than 15 credit hours. Property ownership comes with property taxes, repairs, and maintenance. How do you afford those things with no income? 

Most lenders require living in the property for at least 12 months. Insurance companies have a timeline for which you need to move into the property. My insurance company does 45-days. If it's longer you run the risk of insurance and lender thinking it's an INVESTMENT property. 

You can absolutely partner up for a deal but know they will be on the deed and decisions will be made mutually. A lot of details needed worked out with a signed partnership agreement. This can be complex and time consuming, not impossible, but again for a college student taking 18 credit hours it's tough. 

I hope some of this was helpful and inspiring. Don't get into a rush. Your time will come.