Based on the above is my understanding correct and the 45 day identification period and 180 replacement property purchase period (which includes the 45 days) both extended?

However, it’s important to understand the loan’s key requirements:Owner-Occupancy: The borrower must live in one of the units as their primary residence for at least 12 months.Single Borrower: FHA loans are issued to individuals, not partnerships or entities, which means the loan would need to be in your name alone.Given your scenario, only you can qualify for the 203(k) loan since your partner does not intend to occupy the property.2.

Before you go any further, I think you should understand they are 2 entirely different things.

I’d recommend consulting with a lawyer who specializes in contract law to understand your options and how to protect yourself moving forward.

Lots of money made here, but lots of money also gets lost here by out of state investors who don't understand what it is that they are buying.

A couple of follow-ups so I can better understand.

This community is full of helpful resources and knowledgable professionals eager to assist during your journey.Have you chosen a brokerage yet? 

I don’t understand why people do syndications  We can make more money using lenders.  

A concern, however, if we do a sale, is with the price, as I understand that if I sell at too low a price (say, $200K, give or take a few thousand to pay off my current mortgage), the IRS could assess a tax on my parents if the price is more than 25% below market value. 

It would be a huge mistake to jump into a strategy without understanding how to deal with problems that may very well arise, more especially when the property is in tenant-friendly states.