Partnership House Hacking?

[Jacob Carlson]

Hey Everyone!

I was thinking the other day how much I really wish I would have house hacked before my wife and I built our house. Now that our house is complete we don't want to leave it anytime soon... We had one of my sisters move in with us to help with the bills so that is sort of hacking I'd say. Then I just recently had this idea...Maybe its not possible but I have not heard of anyone doing it before.

What if I created a partnership with my younger sister (she is 20) and she signed an FHA loan for a property - duplex/trip/quad that I find. I would give her funds for the 3.5% down and closing and she would live there. But when I buy the property it will be in my name. Essentially she would house hack for me and I would be the owner. I could worry about the management and she could live for free or just a couple hundred a month... Then I have a property for 3.5% down. What are your thoughts?

This could possibly not work legally or for any other reason but if its possible I am going for it!

Thanks for the feedback!