Check with a mortgage lender about underwriting rules for "conforming" loans to be certain.

Lad purchasing is totally different.Conventional conforming loans dont apply to land.In my experience land requires a minimum of 25% down, a maximum of 20 year terms and rates will run half a point higher.

That is a Freddie and Fannie rule on refinancing for a conforming loan.Maybe there is a bank that does something on a commercial basis. 

The advantage to staying in the 10-12 unit zone and managing yourself...(1) There tends to be less competition for the smaller units(2) You don't have to worry about conforming to the SEC Requirements of a Syndication (but easy to learn if you wish)(3) You don't have to worry about a partnership  - which can be awesome or nightmarish (WE have stories of BOTH!).

Both times they wanted us to add language to the plans that they would conform with the regulations.

@Alex Meneses I don’t know of a conforming loan that will allow you to close in LLC whatsoever. 

Those are conforming guidelines, You can try commercial or asset based loans but neither offer 30 year fixed or rates as good as what conventional can

This is more likely going to be a non-conforming unit.

You do not have a contract with them so they will not get paid by you.If the tenants are paying for a PM, which is extremely strange, you will need to inform the tenants that they may no longer hire a PM or that the PM must conform to your standards.Is this a commercial rental property.

I've used them for non-conforming condos that were still pre-rehbab and they are pretty flexible with what they can lend on.