I think the key for you is going to be finding a legal and financially viable way to support Desire 1.

**Also does anyone have more info for the pre-approval process for MFH?

If on the current home, an owner occupied loan was taken out less than 1 year ago, technically they would need to get approval of the lender to make it a rental due to unforeseen circumstances?

My questions involves the legality of such a scenario: Can I use an FHA loan if I plan on only staying there on the weekends?

Make sure this is legal in your area as I am located in Nebraska.

If it is black and white spelled out as to who will do what then if a partner doesn't hold up their end then legal stuff can be done at that point. 

Their posts certainly make me wonder about legalities LOL.

Unless you're managing your own properties, you may also want to consider partnering with a Real Estate Broker (unless you have your brokers license) to comply with legal requirements.

Do not rely on it as legal advice.

You will find if you're pre-approved (meaning your information has been run through underwriting) you'll be able to make offers on properties with shorter close times and possibly beat out the competition.