Using Homepath OO as investment

[Jimmy H.]

I have a question concerning a Homepath property in my area.

The home is priced at 99,000. I could purchase the home as an investment with 10% down using homepath financing. I have also thought that I could encourage my girlfriend to acquire the property instead of myself so that we may obtain the property at 3% down and a lower net cash investment to us.

The home is in good rentable shape. Payment would be around $525 + $50 insurance + $125 property taxes = total carrying cost of 700 (no utilities included).

I think I could conservatively rent this property for $800+ with no utilities included - this would be my prefered method rather than charging more and offering utilities included.

My question is: Will this work? Will they check to see that my girlfriend is actually occupying the unit? If the utilities are in another name will that draw suspicion - should I pursue a utilities included strategy? Would they even care that much if they found out it was being rented? ( I cant imagine them taking the property back, but that would be worst case) Or should I just fork over the extra cahs and put the investment in my name?

BTW there is no issue of having my griflriend own this property as we are essentially married, except in the eyes of the law - I figured I would take advntage of that fact that she could obtian the property with less cash. And yes my girlfriend qualifies in terms of income, credit, etc.