You would have to improve the property (dramatically) at great expense to actual meet that definition and use it as a townhomes.

Alternatively, you could potentially have negotiated a lower purchase price… or just walk from the deal if it doesn’t meet your underwriting criteria.

Large banks will underwrite the collateral with far more scrutiny than they will the borrowers, but the borrowers will need to meet NET Worth requirements, liquidity requirements, Credit Requirements, but are often a tad lighter on experience requirements. 

@Joey Samudio I would definitely recommend visiting the market you're wanting to operate in and more importantly meet the team you'll be working with.

Glad to meet you

There is a way to leverage losses from a rental property that you are actively participating in managing + you need to meet a few more criteria too lengthy to break down here in the forum post - to be clear, this isn't what you described (e.g. 

Get detailed quotes on these to ensure it’s cost-effective.Zoning & Permits: Verify that your current property allows additional homes and meets zoning requirements for multiple units.Rental Demand & ROI: Assess demand for singlewide rentals in your area to confirm it’ll be profitable after all expenses.If everything checks out, these could be solid additions to your portfolio.

However, there are specific requirements that you and the property need to meet to make this a viable option.  ...

Meeting and working with an architect, building a team (GCs, Subs, Title, Lenders). 

.- Public Records and Local Government Websites: Check your town or county’s property tax assessor or planning department websites.