Partnering to house hack on FHA loans

[Christopher Weiss]

Good morning,

I am looking at partnering with a couple family members who have the ability to house hack in lesser COL markets. I would supply the initial capital needed, and they would maintain the mortgage and other monthly costs. We would split any maintenance/upgrade costs. I would also provide the expertise and management for anything needing a contractor as I'm a former residential superintendent and current commercial construction project manager.

Part of the reason I'm interested in this, besides growing my portfolio is taxable income reduction. So I have a few questions... 

Would I be able to claim any tax benefits from this partnership, as they would be the main borrower for the FHA loan?

Have you ever partnered on a deal like this, and how did you structure the partnership?

What might be some lessons learned or possible pitfalls outside of changes in our relationship that we should be looking at?

Thanks for taking the time to read this and for your responses!

Chris