To me these terms do not look at all like a L/O, but seller financing; and I'm definitely not an expert but I don't think these conform to Dodd-Frank either. 

This way you put EM in ONCE the bank accepts the price in writing and sends conformation back.

I think all you need is a title company to close your transactions - no don't need an account at this time - most title companies have lawyers to close your transactions -You should make sure that you buy real estate at a giant discount - Understand the management process - learn how to be a good landlord - a tenant is a customer - the tenant is the person who will pay for your mortgage - treat them well.Find discounted real estate from landlords who find themselves in rent court -Start to deal directly with owners - I don't think you should depend on agents selling retail properties - you need to go under-ground for great deals -Tax salesPublic AuctionsRun print ads and radio commercialsInternet - 5 weeks ago I created an internet site - I have received over 200 leads - have 70 offers out there and 15 ratified contracts - learn those systems and you will do well.Expired listings - go knock on some of those doors - an expired listing is  FAILURE of property to sell - I am sure the sellers are not happy - go find them and solve their problems.Direct mail to commercial properties owners - commercial buildings can be  great profit center - when you advertise for real estate - signs - internet or mailings always advertise - WANTED REAL ESTATE - houses - commercial and non-conforming properties - all cash -as is - no commission.

This is providing we obtain permits to add stairs that conform to code, among other things.

Conforming rules allow for you now to convert your primary to an investment, regardless of your equity position.As for the Duplex, they should be able to utilize a rent schedule, done by the appraiser, included on the appraisal, in order to offset a large percentage of the PITI. 

I agree it is depressing, then again I got in for $136k for a 2 flat plus non conforming attic apt in 2011 so I'm happy.

Make sure your attorney knows Dodd Frank so the wording in the mod conforms.

And periodic inspections, and posted license details, and conform to regulations for safety, etc, etc.

As mentioned above by a few people, the owner occupancy percentage makes it conforming or not conforming(meaning, it satisfies Fannie/Freddie guidelines).  

With that said, you technically can refinance any time you want after you close because these conforming loans generally have no prepayment penalty.The other aside that I will mention is that you will want to make sure you have sufficient comparable sales in your area that will be able to document enough value before you spend money on a non refundable appraisal.