House Hack Partnership

[Scott Gordon]

Has anyone ever partnered with someone who wants to house hack and live in one unit of a MFH?

I have an opportunity to buy a triplex off market in a hot area just outside of Pittsburgh. I have a friend who's been looking for an apartment in this exact area who is willing to put the loan in his name to take advantage of the FHA loan as it would be owner occupied. Could this work for a partnership? How would you set it up to be beneficial for both of us - he lives free? I collect remaining cash flow? I pay up front cash costs like down payment and closing and such?

Feel like this is a great opportunity to get my first MFH with very little of my own money into the deal and not taking on the loan. Any help (what kind of partnership, can this even work, who gets what money etc.) is greatly appreciated! I would be handling all landlord activities and he would just be living for free/cheap and have a stake in the house value itself.