Can I cosign on an FHA Loan and own half the property?

[Jason Powell]

I got my start with investing by doing an owner occupied 4 plex using an FHA loan. Nowadays, I have more units than I care to manage while holding a day job I don't want to leave. I have some money and knowledge, but little desire to manage more units or go through the rehab/stabilization period. I know there are many ambitious new investors with the exact opposite problem, no money but tons of ambition and time.

My question is this: Can I partner with someone who currently owns no property, buy a 4 plex (FHA loan) with them using my money as down payment, my great credit score, low DTI, etc, and own 50% of the property on title? Of course, in return I would want them to manage it under my mentorship, and put sweat equity into it and make my life easy. I believe if I found the right person, this could be a very equitable trade.

P.S. One detail that may or may not make a difference - I still own my original 4 plex under an FHA loan. Never refinanced it.