FHA and cosigners

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So I'm a Sophomore in college, have a part time job making about $500/month, 717 credit score. Currently pay about 600/month for rent,  although I pay using financial aid from school. I'm trying to buy a small multi family to save money on rent and hopefully make a profit in the mean time. 

I'm looking at a 4 unit building, all are currently rented at 400/month,  or $1200/month not including the unit I would live in. And the property is listed at $87,500. 

I want to get an FHA loan, and put down 3.5%. I'm just worried about getting approved for a loan because of my low income. I do have a family member that said they would Co sign on the loan for me. He is retired but collects around 60-70K/year of income from various sources, good credit, no debt and assets totaling 2-3 million including 3 rental properties. I know FHA allows for a Co signer, but how is there income figured into the decision? You guys think I'd have a chance of getting approved? I've heard they count 100% of a Co signers income, but I've also heard you must qualify on your own a certain amount, any advice would be appreciated!