We had to inch out every bedroom to get the home to a more conforming footprint.

It's a good alternative to a cash out refinance on an investment property, especially if you are running up against conforming/high balance conforming loan limits.

I would recommend narrowing based on location, price, and rental market potential, then by restrictions/ordinances.For example, Indian River Shores (beachside in Vero Beach) requires that residents who rent out their homes through websites such as Airbnb and HomeAway to have a town license; meet fire and safety codes; pass a building inspection; and conform to town regulations for parking and noise. 

This is where the limited liability protection arises.One of the big reasons where people get tripped up is that when you hold Title in an entity, it is not eligible for conforming residential loans. 

Just remember your owner occupancy rules.Also, conventional loans on multi-families have set lower limits on the down payment as part of being a conforming loan.

You do realize that pre-COVID-19 the lower limit for a conforming loan was $50k? 

@Bud ReynoldsYes, conforming investment loans are a touch over 1% higher with 25% down giving you the best interest rate break.  

It is important to ensure you can offer traditional, FHA, VA, USDA, Conforming -Portfolio > Non-traditional lending. 

It will be a conventional non-conforming loan.

If you are looking for the limited liability protection, in my layman’s opinion you didn’t achieve it.If you are asking about, the 10 conforming loan limit, it is per individual that gives the mortgage to my understanding.Good luck.