Freddie Mac allows 85% on a add purchase. https://sf.freddiemac.com/general/maximum-ltv-tltv-htltv-ratio-requirements-for-conforming-and-super-conforming-mortgages

Presently this home is legal non conforming (grandfathered).

@Mario MoralesA conforming loan lender (is this property residential, 4units or less?)

If you work with their in house lenders as well, you're able to get way better rates than most traditional lenders.I am all aboard house hacking, and specifically non-conforming duplexes.  

So if you have a non-conforming house, you have to fix everything before you can get registered, then evict.

On a price point that high you should use a mortgage loan originator to conform to Dodd frank act to qualify the buyer .

They will not qualify for a conforming second-home loan (I've had people try for this but it won't work!).

Your best rates are going to be with a broker or bank and get a conforming loan. 

I just noticed the part about "the non conforming status".

need separate bank account and probably credit card; need to keep all the funds separate; need to get commercial financing so generally worse terms/rates (granted, right now rates are dislocated, but an 1% here or so over years adds up) and prepayment penalties; commercial financing I think generally comes with points where conforming loans don't have to have points; personally i find it a "drag" on funds since you need to leave money in the LLC(s) bank accounts for variety of reasons to operate and protect the corporate veil;