The man won't let me house hack (for the moment)

[Luke Petro]

Hello!

Two and a half years ago, I bought a multifamily with an FHA loan, lived in it for about a year and moved out.

Then last summer, did the same thing, this time with Home Possible.  

I was planning to get another FHA loan this summer (I have a qualifying event: had a baby), or refinance the first house, and do it one more time. So I called a couple lenders and they said, "no way you're going to get another owner occupied loan like this through underwriting, at least this soon."

I was explaining this to a non-investor friend, who wants to buy, and his ears perked up. He said, "I want to do what you're doing but I don't really have time or know how," and offered to let me leverage his FHA if I paid the down payment, managed the property, and taught him what I know.

So there it is: he secures the financing and I get added to the title after close. 50/50 partners on an FHA deal.

I thought I would share this scenario with the BP community and see if I'm overlooking something.  Could this work on the financing/legal side of things?