203K Loan Question -- Could I Qualify In This Scenario

[Steve Cheren]

I love the idea of the 203K mortgage (which I learned about on a recent BP podcast), however I am not able to live in any investment property I buy.  I know someone I could "partner" with, who would be willing to live in a C-class building, but has little to no money to invest.  I was thinking I could consider the savings in down payment as his contribution to the deal, and allocate % ownership accordingly.  Does anyone know if this seems feasible?  Would I be able to qualify for a 203K under these circumstances?