Buy a Property with a friend using FHA Loan

[Nicholas Lisauskas]

Hi all,

A friend and I are interested in purchasing a 4-unit multi-family property together to live in and rent out the remaining 3 units within the next 6 months or so. Two questions:

1) Can we get an FHA loan together on the property so that we only need to come up with a 3.5% down payment?

2) When should we realistically begin making offers and looking to buy a property if our goal is to move in during the August/September time frame?