Family member living in owner occupied multi family

[Tyler Adams]

I have a nephew graduating from college and relocating to my area. I'm thinking about buying another 2-4 unit multi family building with him on the loan and him occupying 1 unit so we can use an FHA 3.5% loan. I will cover all down payment, monthly expenses and manage the units On tittle I will give him a small amount of equity in the property and reduced rent while living in the unit. We will have a contract that states at the end of 1-2 years he has the choice to reimburse me for the portion of his down payment or sign his equity back over to me and I will refi so he isn't on the loan. He will get reduced rent in a very high rent area as well as a choice to buy into real estate with no money up front. I get to buy units at lower down payment and lower APR. What I'm hoping is he sees the benefit in real estate investing and will partner with us to continue and buy more units. For anyone wondering why I don't just occupy the units myself. I have a family with kids and lots of animals. We don't feel like it's far to our kids to uproot them every year of two. A stable home is very important to us for our young kids. I'm hoping someone has done a deal like this or has some in-site for us. Maybe a better ways to structure the contract or do's and don't. My lender said he can right the loan as long as all of us are on the loan. If I'm missing something please comment. We are in the planning stages and trying to work the kinks out.
Thanks.