FHA requirements and Airbnb ideas in Nashville, TN

[Alex Boulger]

Hi everyone! I'm newer to the real estate game, but very anxious to put in more work to earn more business than I have. Currently I own a condo that I used as a live in flip and have a renter in my guest room paying the mortgage. This plan worked out better than I could have anticipated and I feel like I caught the real estate bug. My only problem is that I don't have much capital remaining after this deal. I'm only 24 and trying to build up my investment portfolio leveraging the real estate industry. 

I had an idea that I want to get some opinions on. I currently live in Knoxville, but have been doing some research on airbnb. It seems that Nashville, (only 2.5 hours from me) is one of the top airbnb performers. I have a couple friends in Nashville right now looking to buy a property. I had the idea to try and buy a duplex with one of them so I could maybe qualify for an FHA loan. I want to know that if they are on the title with me and living in one side of the duplex, can I qualify for an FHA loan? This way I can use the other side as an airbnb or if that doesn't work out, plan b use as a long term rental. I feel that this may be a good way for me to score a good deal on a property without putting down too much capital. Ideally I'd move to Nashville, but I just landed an amazing engineering job here in Knoxville that pays really well and I do not want to give that up.

Please comment any advice or opinions you have on this idea. This industry has brought a ton of hope for me and I have the time to put into this, but right now I'm just hunting for more experience. 

Thank you all for your time,

Alex B