Here is my current financial situation: My primary residence is paid off and my current equity is worth about 200k.

We were brainstorming some strategies to purchase our first property, we have an idea to purchase one home with conventional lending and the mortgage in my name (I have an FHA loan for my primary residence), and purchasing another MFH with an FHA loan in only my partner's name.

As your primary residence, you should purchase the best house you can afford with your kids education and extra curricular activities in mind.Problem with SF public schools is the lottery system, but that's a whole other discussion.

I am hesitant to call this one my first "deal" for two reasons: (1) I haven't closed on it yet and (2) the circumstance of absolutely needing a residence to live in took precedence over taking my time to find a killer deal with concrete criteria. 

Hi Everyone,My name is Jeron Walker and I am a local resident of Memphis, TN.

Or is a FHA loan only for your first time home purchase, regardless of whether or not the purchase is your investment property or primary residence?

You almost certainly have been there long enough to establish residency.

This is why it's best to consult with an accountant before deducting anything from your income tax.The assets that are eligible for bonus depreciation, (defined as 5, 7,or 15-year property by the IRS in the MACRS) applies both to commercial and residential, as long as it is not one's personal residence.

With your personal residence, you have minimal, if any, advantage through asset protection.

Your name will still be on the lease at your current residence so it will be pretty easy to prove that you aren't truly occupying the new multi-family.