Ultimately it is all about the market and how well this house conforms to it. 

I own a 2 unit with non-conforming third unit (which I live in) house hack in Irving Park near Elston Ave and I do live completely for free. 

Pre-COVID-19 the smallest conforming loan allowable was $50k. 

You can get a Conventional Loan for an income property, and that has to conform to the mortgage underwriting guidelines of whoever is backing the loan (i.e.

Likely the multi designation was “non conforming” and the vacancy caused it to no longer allow that use.

@Kevin SkolitsFull disclosure:  I own a company that does commercial and investment loans.My advice for as long as I've owned the company:  Exhaust all of the conforming/conventional financing you can before you start with commercial. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Panama City.

Purchase price: $410,000

Cash invested: $10,000

This is a very unique property with a 3/2 a 1/1 garage carria...

You really should get a commercial loan since legal entities are not eligible for conforming residential loans. 

Done correctly to fully achieve the limited liabiilty /asset protection, you won't be eligible for conforming residential loans, for example.Good luck.

We are buying two duplexes and would like your perspectives....today, whether you prefer a 30 yr or a 15yr fixed? To be completely transparent, all of our past purchases are all 15 yr fixed.Thank you in advance for yo...