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This can't be 2nd home for you so could be investment. If your Nephew wants to come on loan it can be consider Primary residence for him and you can co-sign with him.
If your nephew goes with an FHA loan you can be a non-occupant co-borrower. You probably can also go on the deed, check with the lender you are using. This is very common in my area with primary residents, especially first time homebuyers.
Edited for typo's!