can I set up a Partnership to allow me to use FHA loan later?

[Amy Frisella]

I'm currently looking at my first investment property through a partnership with my brother. We've both been looking at jumping into real estate separately over the last few years, but he has money tied up in a business and I'm still in college with minimal funds saved. However, after years of researching and talking about it we've decided to put our funds together to get an investment loan on a duplex in St Louis. 

We've had several people look at the deal and are confident in the property and its returns, what I'm concerned about is putting all my eggs in one basket. Like I mentioned before, I'm still in college and plan to graduate in May, I've already been offered a good fulltime position in Columbia, MO where I go to school, however my current lease is up in august. Whether i stay with this job or decide to move, it's against everything in my soul to sign another lease when this one is up. however, if i invest in the property or one like it I'm not sure if I would be able to get an FHA loan for a house after my lease is up. Financially I would have less then 10k saved by the end of the summer after investing in the is current property and since I would have an investment loan in my name with this partnership, I'm not sure if I could even qualify for an FHA loan.

As a newbie this is slightly overwhelming and hard to comprehend. Should i do the partnership? Should I wait and save my money for a property in August after my lease is up? is there a way to structure a partnership investment loan that allows to open a line of credit on the house to fund a property in a few months? Would i be able to go to the bank for an FHA loan 4 months from now?

Any advice is appreciated!