Duplex - Family helping with down payment/ partners?

[Corie Delong]

Hello investors, I am reaching out to get a few ideas/information. I currently have a house I am renovating that should be worth around 210k-240k and rent for $1,800 - $2,000 in May. Recently a duplex came on the market that I am really interested in, it is located in an A neighborhood. I would pull a FHA loan for $665,000 and live in one side and rent the other side out to a family member for $2,000 a month. The mortgage would be $5,200 so I would cover the other $3,200. I was going to put down 5% (about $40,000) at closing. It would be a tight budget but I do have money set aside for repairs. The plan would be to move out after a year and rent my side out for $2,500 (market rent price). After talking to another family member they said they would be willing to go in on the duplex and offered to pay the $40,000 down payment and help with any repairs but they want to be "partners" or "own" a percentage of the duplex. This would help save me some money to use on the house that is getting renovated and I wouldn't have any money out of my pocket up front for the duplex except when the mortgage starts. Is this something smart or doable? All and any advice is welcome.

Thank you