Getting greedy tends to cause investors to be sloppy and I 100% agree with @Ken M. no good deed goes unpunished in all areas of life. 

HEY GUYS JUST WANTED TO KNOW IS IT POSSIBLE TO GET FUNDING FOR A LIVE IN FLIP IM CURRENTLY ONE SIDE AND WOULD LOVE TO REHAB THE WHOLE PROPERTY I GOT IN USING FHA !

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

Before seeking financing, I would advise getting an LLC setup right away since without a SS# it takes longer to get an EIN number from the IRS.

As you know in many real estate deals, the money is made at the buy.Personally, I'm focused on off-market deals where we can create value.Curious—how did you frame your offer to get them to drop without hesitation?

Let me know if you need the resource.Some people/HOA may try to collect to see what they can get away with. 

vs. needing to get checkbook control set up?

You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow. 

Quote from @Laura Yelin: Hello BP'sI like Sherman...I lived there for about 3 years many years ago and still sell and rent there.It's a slow wealth building market in my opinion, not get rich quick.Mostly blue collar stable town.