I don't intend to work the cherries (the current owner leases them), but because of them, I have been told that it qualifies as a farm and I cannot get a conventional mortgage.

@Susan Butler If that is the case why not consider some conventional financing?

5% down conventional financing.

Also Fannie Mae and Freddie Mac just released a 5% down conventional on an owner occupant as well hence they are out there, however just be prepapred to live in the property for a year.

Or, buying a Duplex and renting one side out then renting the other rooms out in the side I would live in.I have spoken with two lenders and both have given me pre-approval letters for up to 270k purchase price, with 15k down payment, conventional fixed rate loan, 30 year term.

It's very difficult to cash flow now with 7% rates anywhere unless you're doing some type of creative strategy like assuming the seller's mortgage or riskier scenario beyond a conventional loan. 

Congrats on your graduation  Rolando.In my opinion you should go for a conventional FHA  than a 203k loans  because 203k has extra fees  of your 3.5%  they work kind of like hard money lenders the only think is that the rate is lower than a hard money lender but higher than a conventional FHA  I just bought my first house here in Oakland California using 203k loan which works for me because I had  to renovate the entire house $125k of renovation with a rate of 7.6 and is been 8 months and I am ready to refinance to Lower my payments and the rate .In my opinion is worth it 203k loan if your repairs are over 100k  for all the benefits that you get with the city and sewer company. 

I'm assuming you used FHA on your duplex in 2021 so that 5% down conventional would probably be a good bet. 

I could've lent the money out or invested in notes, but I'm more interested right now in asset accumulation.I ended up simply rolling my SDIRA into my current 401k and taking a loan against that, thereby being able to utilize almost 100% of those funds (not quite at $100k in the 401k, but close) and purchase a duplex with a conventional 30 year loan.If I had $150k or more in my SDIRA I would have looked at other options, but with only $50k I found the path I chose to make the most sense.

So, while a lender might have you approved for “conventional” financing when you get prequalified just verify with them that they are qualifying you with Fannie Mae specifically to get this benefit.Happy hunting!