First investment: house hacking with a business partner?

[Chris DelCore]

Simply put, is house hacking even possible with a business partner that is not a spouse and will be residing in an entirely separate unit of the multi family building? Our thought was to buy a fourplex to stay within the FHA parameters, each reside in our own unit and then rent the other two units out. Would obtaining two separate FHA loans for the same property even be allowed under the rules?

Furthermore, we both do quite well in our current full time jobs and have excellent credit. Is this frowned upon and seen as "taking advantage of the system"? I'd like to maximize our success rate by keeping down payments to a minimum and interest rates low, but am completely lost in finding out if this is a recipe for disaster... or flat out impossible.

This is my first post ever (after lurking for months and reading Brandon's books), so this step alone is extremely profound for me. Thank all of you for what you do in these forums day in and day out; the sense of community is humbling and extremely admirable!