FHA Non-occupant co-borrower

[Jeremy Basiger]

I am trying to find a creative way to fund my first investment property. This quest has led me to a few questions that I can not seem to find answers too. 

First the back story.

I am a veteran, I bought my first house as a VA loan and currently I am just under break even on the property. I have about 15k to invest. My father is a disabled veteran who had filed for bankruptcy about 8 years ago. His credit is around 560 and his bills are minimal, he is also a handyman by trade and still does jobs here and there. He currently rents.

After looking into FHA loans. I see that a credit score under 580 requires a 10% down payment for the purchase. Along with this the MIP and the Annual premium which depends on the equity/length on loan. Now I know that renovations can be included if the loan is a 203k style loan and all work is done by licensed approved contractors.

With all this said, here is what I would like to do.

Find a property well below ARV, I sign as a non-occupant co-borrower on the property (also putting the 10% down and any other fees associated with the transaction) in order for my father to live there after rehab work is done. He would live there until the property can be refinanced. Ultimately I would like to remove his name from the property and assume control of it. In turn we would then try to rinse and repeat.

So essentially he would put his name on the loan and become the occupant staying there until we could refi and rent it out. The entire time I would pay the mortgage/insurance/taxes either directly or by transferring him the money to pay it.

Does anyone know if it is possible to have a name taken off a deed when doing a refi on a FHA loan?

I am also looking for any ideas that my fiance and myself would be able to creatively do before getting married. She has good credit, not bought a house and currently lives with me. We both agree that we would like to take advantage of these facts before we get married, we just do not know the best way.

Thanks everyone and Happy Holidays!