Purchasing my first rental property

[Lance Beach]

I am trying to purchase my very first rental property and the house that I'm looking at is currently foreclosed on. It is a fixer upper and I have been doing my research on FHA 203k loans but am confused about which route I should take. My credit is not the best but I have the means to purchase the home in full with cash. Am I able to pay off a home in full and still apply for a 203k? Should I apply for the 203k from the start? OR should I purchase the home and bring in a partner that would be willing to pay for the cost of the renovations for percentage of the rent in return?