How to Structure this Partnership?

[Account Closed]

I have approximately 5 years renting SFH and am looking to scale, so a younger family member and I are looking to partner on some deals moving forward. The basic structure is similar to the deal Ashley Kehr described with her sister on pod #348 - my younger sibling would live in a MFH, we'd get an FHA loan together as she would live in the property, and I would fund the deal.

How should we structure things, basically who should get what? Is everything 50/50 fair? 

How will we be able to repeat this strategy yearly? Constrained to having to live in an FHA for a year (and only being able to have one FHA at a time), how can we refinance out of the existing FHA yearly, to something creative, so we can rinse and repeat yearly?

[Will Fraser]

@Ned Carey I was assuming a refinance would be preferred in order to "Free up" the FHA loan bullet. If the strategy was built on serially purchasing 4-plexes using owner-occupant financing I figured that would be their hope, but I bet holding it on the FHA loan and using a conventional lowdown loan for the next one would work out cheaper and better overall.