Which brings less risk to credit score, a cosigner or coborrower?

[Ryan Palczynski]

Hey y'all! I'm planning to get started early building my real estate portfolio, and I've done quite a bit of research on investing in rental properties. I'm currently a college student at the University of Notre Dame looking to acquire a rental property near campus to rent out by bedroom to other students. I'd like to "house-hack" this property, eliminating the expensive room and board fees of private school ($16k/yr!) while having my other tenants pay the mortgage and provide extra monthly income.

My plan is to invest in a rental property within a 2 mile radius of my college using an FHA loan - this loan is favorable to me because it allows for a very small down payment at 3.5% of property value, assuming a score above 580 (a percentage I can afford myself, and a credit score I have). However, one problem I may face with this loan is the need for documentation of a stable income. Being a college student, I have little documentation of this besides a summer job and a campus job, which together net me ~$6,000/yr. Given that this amount isn't enough to cover the cost of the mortgage payment and property taxes, would I need a co-signer/co-borrower to sign on the loan?

If so, what is the difference between a co-signer and co-borrower for a FHA loan, and which role assumes less risk? If my parents took on one of these roles, I would like to avoid any risk to them and their credit score, while still being able to use their history of a stable income to acquire this loan.

Which role can provide income history, while not having their credit score impacted?

If anyone has any other tips about FHA loans or renting to college students, please, let me know.

Cheers!

[Ryan Palczynski]

@Brent Coombs That could be a good plan. My father is a 'Rich Dad, Poor Dad' guy, so I'm sure he'd be willing to jump on board as an active investor. I know of people who been non-occupant cosigners for an FHA loan, but I believe that impacts their debt-income ratio as if they were the property owners themselves (and their credit in the case of a late payment), which is what I was hoping to avoid. I'll do more research and let you know. Thank you!