Possible to partner with homeowner on current mortgage?

[Rance Gregg]

New investor looking to jump in. A friend is selling his house after 4 yrs and needs the cash equity for buying new house. (Maybe $30K) Can we partner on house, pay him what equity he has in house, keep the current loan p/i and term the same, but add me to the deed? He stays there for another 4 months and then we rent it out?

He gets cash he needs and I get to take advantage of interest rates FHA home owner loan. That make sense?