Q: Partnership Equity Split

[Justine C.]

I am looking at partnering with my sister with the goal of 1) helping her to buy a house in a the Bay Area 2) tax benefits and investment opportunity for myself. 

I have $ in a SEP IRA and will have more cash in the next month or so. She has some cash but we want to use our cash wisely not just plunk down a large down. But without a large down, the monthly mortgage will be too much for her by herself.

my questions:
Can she apply for a 203k, HomePath Ready Buyer and can I reap any tax benefits by investing but not living on the property?

Ideas on should we structure the deal?  

She’ll live in the house and may stay in the home longterm. What should we plan on doing in the next year or two? Refinance cash out?