The basement height conforms to that of what would qualify as a legal unit (7.5).

@Alex SmithWell, it’s not advisable to hold property in a C Corp...Legal entities such as LLC are not eligible for conforming residential loans.. that’s why most lenders, who are residential lenders, will want you to have title in your personal name then quit claim deed it to your LLC.I’m on my smartphone right now, otherwise I’d give you some links to prior threads.

@Anthony Sgro since you are looking for a mortgage on your personal residence, this is a conventional or conforming type loan.

I just realized that i asked like a million questions in one question but your thoughts on initial setup from the time you see the property to when you are renting it out will be highly appreciated.We always recommend you exhaust your conventional/conforming loan opportunities before jumping into the DSCR world, but I will say you shouldn't let anything dissuade you from getting started. 

I’ll tell you what you can and can’t do with a conforming loan.FHA 3.5% down payment on 1-4 unit(primary residence).Conventional 15% down payment on 2 unit (primary residence).Conventional 25% down payment on 3-4 unit (primary residence).Conventional 25% down payment on 2-4 unit (investment property).I hope this helps. 

Is there a portfolio lender here that can take a non-conforming Condo in FL. 

Since they don't have to worry about conforming provisions they can be more flexible.

If not, be sure to indicate if you need that added and for how much.If the building is older or is non conforming, request that the quote included "Oridinance & Law". 

You can have multiple VA loans so long as they do not exceed the limit for a conventional conforming loan which varies county to county.

A similar house in town recently sold and was listed as a “legal non-conforming multi-family”.