Most states conform with this as well.A 1031 is a tax deferral strategy that is great for investment properties, but there are strict requirements that must be met. 

@Cody Hunt, For that size property you're going to be able to get a conforming FHA loan if you want. 

Of course some non-conforming code issues do NOT need to be addressed if there is no renovation. 

Self fund small projects to reach money flows post rehab with CO and a lease and then, hopefully, refi long term if you are conforming to GSE underwriting standards.

So buying power has decreased significantly for this program, but the 5% down is still available.FHA is still a strong tool especially if underwriters would start to count non-conforming units into the total unit count. 

I own and occupy a multi-family in the city of Chicago with, like most multi-families in Chicago, an extra non-conforming unit (typically called 3+1).

@Kayla Holbert, a conforming loan (i.e. the typical consumer residential mortgage loan) owned by Fannie Mae may be eligible for transfer to an LLC - under certain conditions described in section D1-4.1-02.  

This is also taking into consideration, a 25% vacancy factor.On a side note, if you go above conforming limits, there are portfolio options with low down payments that conventional doesn’t offer.

Is the $800k purchase price above conforming limits for the area you are purchasing in?

Since the property existed before the comprehensive plan kicked in 80's its technically non-conforming and I cannot expand on a non-conforming use.When I asked about a variance I was told variances will apply towards dimensional and not towards use.