How soon after an FHA loan are you able to apply for a new loan?

[Dasia Washington]

I planned on purchasing my first home within the next 3 months with FHA and 7-10k down.

After the 12 months, I would like to turn this into a rental property.

Recently, I was approached by a friend of mine who is willing to invest in a property with me as a passive investor as he has an enormous amount of capital and I have boots on the ground in Nashville while he also doesn’t want to deal with day to day operations.

We would both contribute 7-10k down on either a SF or duplex to be used as a rental immediately.

What might be a good strategy here?

Waiting the entire year in the home I will own and trying for another FHA?

Or just going half in on the conventional route in order to make the 2nd investment within a year?

Is that even possible?

To have an FHA loan and at the same time, be joint on a conventional loan?

Any other strategies that could be used here?

Thank you for any guidance you can offer.