I am likely to be gifted a very small SFH in a small city in a rural area, 2/1, 780 sqft with a large garage/outbuilding.

In a few years gift that money to him as a down payment for his own first property that he can house hack.

@Hector AyalaThis is par for the course with the 203k, the gift that keeps on giving to the contractors.

Or just gift it to the son and file a gift tax return, charging against lifetime limit (50/50 with spouse on gift, so that's 1/2 value against the $5.5 million each has in estate tax exemption).Or just gift the kid the income (but that doesn't get around paying taxes at his rate, in the first place).

And what a gift when I walk into a home and find it clean!

@Jameson Sullivan,If you are qualified in first two respects I can't imagine that you couldn't get a loan as long as the loan amount isn't outrageous and you had the 3.5% down payment...which can also be gifted by family members.What is the expected purchase price of 4 flat and corresponding rents? 

They have gone as far as requiring a written letter from my Mom stating that a $1000 wedding gift was not a loan.

This is going to be better than the old trick, which was to structure it as a purchase with a gift of equity. 

PenFed has a tax free grant gift up to $7500.

Objective: Use an FHA loan to buy a multi-family property somewhere around Jersey City Heights and finance the down-payment and closing costs with either a private loan or a gift which I intend on paying back.Requirement: 10% + ROI off the bat, will settle for a little less.It is in Jersey City heights mainly because I have aging parents to take care of.Utilizes FHA financing am open to other financing options if it proves to be better than FHA.