Purchasing a home with family

[Cindy Gonzalez]

Question(s) for a unique scenario: My 2 siblings and I are considering pitching in and co-signing together on a large home for us to move into with our parents and extended family in North Florida where the homes are A LOT cheaper than in South Florida where I currently live. My parents are getting older and could use help financially so we would pay all the bills and mortgage. My sister has a family of her own so it would be at least a 6 bedroom house. My plan originally was to purchase a duplex, house hack for a goal of cash flow or at least live "for free" and save up to do it again. Obviously, in this new area, it's a whole new game that I have a lot of questions for. Such as: If we use an FHA loan for this home, is there a way I'd be able to use an FHA loan to purchase my next property if I move out of the family house? How will the mortgage on the family home affect my getting a loan for the next property? And how does this overall affect my future rental investments? I would not be getting any cash flow in this situation or plan on selling it at least for a very long time.

Also, I have the best credit, most money saved and best debt-to-income ratio out of my 2 siblings; should I sign as the borrower or a co-signer, and does that make a difference? And there is anything I should know about this strategy that I am not asking?

I know these are a lot of questions and maybe a unique situation but it's an unexpected change to my original plan that I want to be prepared for, should it happen. Any input would be appreciated. Thank you in advance!