How to utilize an FHA loan for a duplex as a college student?

Hi there!

I’m an upcoming college freshman and I’m thinking about trying to utilize an FHA loan to buy a duplex and save money in the long run. My mom (my current home) lives less than 15 min away from my college so I will always be able to come home if need be, but I would like to live by myself/with my boyfriend of 5 years. My mom also wants me to live out of the house.

I plan to be working all summer to help pay for both college and the possible down payment. Most entry level jobs pay $16-20 an hour where I live. Technically my current savings are around $10k, but that’s mostly to pay for college, depending on what makes the most sense. Since duplexes where I live cost between 400-600k on average, I would need at most about $21k and at least $14k for the downpayment.

The cost of college each year according to the financial estimate is about $14k not including housing/food (which is at home since I don’t have to live on campus first year). I also have a $3k academic scholarship guaranteed each year so it should be closer to $11k per year. I may get more scholarships, but I’m waiting to hear back.

I’ll already have a bed, a desk, a computer, a laptop, a couch, a portable air conditioner, organizational cabinets, and a tv. Basically everything except kitchen/laundry machines. I don’t know if I would have to pre-furnish the other half of the duplex. Oh, I also have a good car (2013 Ford Focus).

In theory, my boyfriend would pay for utilities as “rent” and I would handle the rental stuff with the other unit to pay the mortgage. He was planning on just renting somewhere anyways, so paying for just utilities would make it a lot cheaper.

Obviously I wouldn’t do the FHA loan with my boyfriend, because despite the fact that we’ve been together for 5 years, I want to be together as adults for a few years before I choose to do anything like that. We’re already very familiar with each other’s living habits, as we basically live together already (we spend a large chunk of every day at my house and he does chores at my house lol). I would co-sign with my mom.

With that said, is there any advice or things I haven’t already thought about? Any concerns with my plan? Is doing the FHA loan and college loans going to be too much? Could I utilize college loans to help pay for the downpayment? I’m not very familiar with a lot of financial stuff and I’m learning as I go, so thanks for any advice you can give!