The investors for conventional loans (Fannie & Freddie) layer on to the pricing (i.e., rate and points options) for condos.

I was told I cannot do a conventional CASH OUT refinance once I lease it to an operator of RAL since lenders do not lend if you run a business in your house.

I accepted a conventional loan.

Considering I don't have the time to get off-market deals, I am not expecting amazing cash flow, maybe $100-200 per unit.With this strategy wouldn't I quickly stop qualifying for a conventional mortgage?

Factor in property taxes, insurance costs, and maintenance expenditures to ensure your investment aligns with your financial goals.Take Advantage of Financing Options: Explore FHA loans for owner-occupied properties or conventional financing options tailored to multifamily investments.

There is a conventional renovation product if you qualify for it. 

Example with conventional I have 20% down, if the refi requires 30% to stay in then the extra 10% is limiting.Rents in the areas I am looking come in on average $2000 mo. for a place costing $250k.

Include details such as the type of loan (conventional, FHA, VA) and the maximum interest rate acceptable to the buyer.- Home Inspection Contingency: Include a clause allowing the buyer to conduct a professional home inspection within a specified timeframe.

Just make sure you know how your going to setup your take-out/permanent financing before you start this process as cashout refi's for conventional have seasoning requirements now and delayed financing has rules and timelines as well. 

The rate difference between FHA and Conventional is actually over 1% right now for Multi family propertiesCurrently the rate offered is 6.75% and 193/m in PMI (private mortgage insurance)That makes the payment with taxes and insurance roughly:$3453/monthTaxes were $3820, and insurance is $1800/yrCurrently this building can rent each 2 bed unit for up to $1800/m with tenants paying all utilities.All in cost to close is: $71,414.64If you rent both units for $1800/m you can expect gross cash flow of $147/mThis is the reality of buying a turn key duplex in the area using todays rates and prices.I want to stress, that this is actually considered a great property and deal in todays market for the areaYes, prices are high, and so area rates...My goal is to show what is actually going on.