Found a Partner! Now I need help...

[Zachary Gwin]

Hey Everyone,

So I recently made a tremendous leap forward (for me) in my investment career. I FOUND A PARTNER! Well, an equity partner? We have been discussing about this for a while now and it just doesn't make sense to pay $1,100 in rent to some Joe when we could be saving/ creating wealth. 

We have agreed to go in together on a property bringing to the table-

15k down, monthly savings that would be funneled back into the house for improvements and reno, a legal understanding of the situation (non emotional and non negotiable), and an understanding of why we want to do this. 

SO MY QUESTION IS-

We aren't married (or together for that matter) so can we still go the FHA 3.5% down route while being equal equity owners? We are in a market that is very hard to get a house (most are being bought full cash) and want the advantages that come with FHA. (first bid, 3.5% mostly).

Do you have any other recommendations? 

And if you're wondering why i want a partner it's because I have poor credit, not enough cash to purchase a property that meets my criteria, and I trust this person. 

Any help, tips, constructive criticism, or good lucks would be appreciated. 

Thanks BP