Newbie Question

[Stevan T.]

Hello all! Random question. My friend and want to get a property. I know the area and have one rental but not enough capital to acquire the next one. One thought we had was to have him buy it with and FHA loan and live there for a year then start renting. I have experienced that non family members generally can't buy the house together. Someone suggested we write up and agreement and after purchase he quick deeds me half the property. My questions: Is this possible? Is this dumb? Is there a better way to put a low percentage down? Thank you for your time!