Qualifying for an FHA loan w/ nephew living in property?

[David Nieman]

Hi everyone, first time posting here, thanks for you time. 

My wife and I have been interested in buying our first rental property. I have a responsible nephew that is going into his Sophmore year of college. We found a great 2 unit rental property in his college town. One unit is a 3 bedroom, the other is 2 bedrooms. What we'd like to do is have my nephew co-sign on the property and live rent free, and finance the deal with a FHA loan since it would be owner occupied. Has anyone done this before, or know if this would meet the FHA's requirements? My nephew would have no finical investment in the property, and 3 years from now when he was no longer living there we would take his name off the property. Would this have any financial repercussions for my nephew? I'm not worried about the cash flow on the property, and I have a good paying job, low debt, and high credit.

Thanks again for you time, and advice is appreciated.