Buying MultiFam From Family Members Using FHA

[John Michael]

Hi, I'm new to the site and been reading up on FHA loans as a good opportunity for a first-time house hack. I currently live at home with my parents in a multifamily in which they rent the apartment to one of my siblings. They may be looking to sell our house after I move out trying to find my own primary residence. To help each other, I was wondering if you can purchase a multifamily from your parents as your first rental investment property using the FHA loan at 3.5% and have them pay you rent as part of the property. This way they could get rid of their mortgage - downsize to something smaller and I could easily fulfill the 1 year occupancy requirement and get the 2 years experience as a landlord without having to immediately uproot our family. Then 2 years in we could move out where my parents get their own place and so do I, with keeping our house as a rental property. Does this sound like something feasible or allowable under the current requirements?