Is this a good idea for a deal?

[Kyle Hull]

Hi my name is Kyle. Ill do my best to keep this as short as possible, while providinng as much information as i possibly can. I've been studying real estate investing for about a year and a half now. I am really fortunate enough to have $3,500 in savings, even though it's not that much. I'm a single father of 2 little girls (2yrs and 8mo infant) so my finances are really thin. 

Specifically what I want to ask Is if there is anyway I can break into the Market with as little money as I have? 

I've been thinking the past few days, trying to get creative with structuring a deal that wouldn't require capitol directly out of my pocket. One of my ideas was to find another investor in my area and work out a payment plan with them. To go more in-depth, I found a deal, but I need $30k for a down payment. At this rate, it would take me another 8 years to save for $30k. 

Ideally in my head I would like to take an FHA loan on the property (It's a fourplex) and take care of the maintenance needs, housing tennants, and maintenance needs. I would want another invester to cosign on the deal with me, because I want to build a partnership. I've done all the math, and the property (after repairs) will cash flow $2,600 monthly after expenses. So obviously I will be splitting the cashflow with my lender/partner 50%. I would be looking to refinance within the first 6 months and immediately pay my lender/partner the $30k in full + 10% interest of their initial investment.

The 50% of the cash flow they recieve will not reduce the amount owed of the initial downpayment of the loan that I'm agreeing to pay back in full. As I said, they are my partner in the deal, that is their share. So in retrospect, the lender/partner will be played total of $39,500 (5 months of rent because 1 month will be spent rehabbing property. So $6,500 + 30k downpayment payed in full + 10% interest as well on the 30k they initially put up for the loan.) 

Keep in mind, I'm not soliciting this deal to anyone, I'm simply trying to figure out if the business plan I have created is a terrible idea or not. So what do you think? Is this a terrible idea, or is it a fair deal?? Also if you have other ideas of how I could get started with no start up capitol of my own, I would love to hear it!! Thanks for the feed back!