Portfolio loan same as commercial?

[Si Duong]

I keep seeing posts where sellers are listing their portfolios and (for discussion purposes) am wondering if buying a 2 - 4plex (8 units on separate lots) portfolio is considered a commercial loan or conventional? How would lenders treat these transactions?

This can apply to larger portfolios as well (5x duplexes, 3x triplex, etc). And for these types of transactions how would someone set up the LLCs? One LLC for the entire portfolio or multiple LLCs?