Partnering for multifamily deal with FHA loan

[Nicholas Hindes]

So I’m new to investing and I have been learning a lot. I thought of an investment strategy the other day that I wanted to get some feedback on.

My wife and I hear live in a market where we can get a multifamily deal for less than 100,000. We are excited and saving for a down payment for our first investment. Something occurred to me yesterday though regarding partnering up that would enable us to jump on our first deal faster. We know a lot of people who are interested in buying their first home or don't want worry about a mortgage etc. I'm wondering if we can partner with them and have them get a mortgage with an FHA loan only having to put 3 1/2% down. We would gift them the money or split the cost of the down payment with them. They would live in the residence and my wife and I would manage the property etc. Essentially we would do a house hack partnership that wouldn't require my wife and I to move. My wife and I would be on the title with the partner but just our partner would be on the mortgage. Of course we would establish and talk through an operating agreement with an attorney etc. When I run the numbers in our market both parties would make their money back within the first year.l with amazing returns. Am I missing something here regarding this partnership idea? It almost sounds too good to be true and too easy of a way to make money. Essentially my wife and I would bring capital and knowledge to the table and find the deal while our partner would bring the FHA mortgage and the living in the residence requirement. Am I missing something here?