FHA Loan on property for sale, buy subject to or assume loan?

[Michael Newberg]

FHA Loan on property for sale, buy subject to or assume loan?

I have the opportunity to buy a home that a co-worker has. She just purchased the home about 6 months ago with an FHA loan. Her life situation has changed and she wants to move. I understand that the FHA loan requires the owner to live there for the first year. I'm unlikely to be able to qualify for a mortgage at this point as I just purchased myself a home and had difficulties and had to bring in a co-borrower to do so. I own a few rentals already (with the aforementioned co-borrower). My mortgage is newer than the FHA loan on the prospective income property.

Is there a way I can make this a rental in less than one year since I'd be a second owner of this property?

Would it be easier to assume the loan or buy subject to existing mortgage?

Which would be quicker?

If subject to, where do I begin? Do I need/want a lawyer to set this up?

Thanks in advance! I've just started trying to figure this deal out. Any help would be appreciated!