FHA Multi-Family without living in it - Partner

[Bryan Faust]

Forgive me if this has been discussed, I couldn't find anything on it.  I have a great tenant who wants to buy a house next year.  He's never done any rental work or investing, but he's very interested.  I'm wondering if this is possible:

1. Create an LLC for the two of us
2. Contract to provide him a down payment for a 4-family in exchange for 50% ownership, and agree to be responsible for half the mortgage amount (to the LLC & eachother, not the bank)
3. He acquires an FHA loan on the property himself, and moves in. He gets to rent out one other unit
4. I rent out 2 units
5. After a year or two, he can move out and rent both of his units