FHA Loan and Investors

[Anduril Elessar]

Hello new member here. A friend of mine is looking to purchase a MF home in CT. I told him I'd be interested in coming with him, doing some light repair and renting it out to someone. We want to use an FHA loan with him being the owner occupant. I will put cash and sweat into the deal.

Is there a structure that will make this work with both of us owning the property on paper even though he will be the one getting the loan and living in it? Could he take full ownership and then after everything is rented then sell me 50% of the equity for $1? Or do i have to be behind the scenes and not on any paperwork? Thanks and sorry if this has been answered before.