About 50% occupied.

I'm considering a major reno owner/occupied triplex in the Irish Channel, great walkability. 

I’ve considered mid and short term rentals, but from what I’ve seen, Baltimore city unfortunately does not allow new short term rentals unless the property is owner occupied. 

My objective is to buy about an acre of land, that is already leveled, access is being done, and utilities are going to be 5 feet from the property; and then build 3-4 shell retail spots on my plot, owner occupy one of them with a business and lease out the others.I am meeting with a developer this weekend, but have some wrong numbers regarding the average cost of building a shell space. 

Thats just incorrect if its owner occupied.

For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

I’m thinking an FHA or conventional, ideally owner-occupied.

Quote from @Jaycee Greene: If you go the conventional/DSCR route, these are considered "Commercial" loans and the properties are referred to as "Non Owner-Occupied" and, as such, the cash flow of the property is most important, and your DTI is not generally included in the underwriting.

Duplex fully occupied with rents of $2,500.

His companies (which he is now trying to distance himself from) and he sold properties owned by other entities, received money for renovations/repairs which were never made, and sent investors $ from supposed rent payments for properties that were uninhabitable and vacant under the guise that they were occupied/performing.