Give friend gift for FHA down payment in exchange for equity?

[Jason Valentini]

Hi all!

My friend is a first time home buyer and wants to start house hacking with 1-4 unit, however doesn't have the down payment money. Can I gift him the down payment money and then put together a contract between the two of us for some type of equity split in the home? I know the FHA guidelines say "gifts are not repayable" but wasn't sure if an equity split would be allowed.

Thanks!