Creative finance - new FHA loan refi into conventional quickly?

[Paul Leech]

My 22 yr old son is willing to help me out with a creative way to get me into a rental property with no money down. In NJ, there a FHA program that gives $10k towards down payment! If he can buy the house with this program, then a few months later, he finds that he “can’t afford it” anymore, would he be able to quit claim deed it to me, or add me to the deed? This would allow me to refinance the loan in my name, then I could pay off his FHA loan and legally rent out the home. Is this, or some form of this plan, possible? I look forward to your responses. Thank you!