Besides, most find it too expensive to obtain commercial financing since the property isn't owned by a person (legal entities aren't eligible for conforming residential loans). 

Every bank will want to make sure they get the loan repaid, most want to be able to sell the loan to someone else later if they have to so they will want it to conform to normal bank guidelines.I will say that in the past I had trouble with some banks and smaller loans, they didn't want to bother with small loans (under $100k) because they didn't make much money off it. 

Here on the Big Island, STVR's are possible only if the property is in a Resort zoned area (most condos fit this criteria, but only few houses) OR if the house was in use as an STVR before the law changed in 2018 and the owners applied for both a Non-conforming Use Certificate (to get an exemption to the zoning laws) AND a STVR permit (required regardless of zoning, but easy to get). 

Unique or non-conforming homes are always tougher to value than those found in cookie-cutter neighborhoods.

So your property better appraise for closer to $100k or more so that you can get a loanHml may solve your immediate problem, but in the “long term” you still need to get back to conforming financing...

However, realize the direct and indirect costs associated with having one.As mentioned, you will need to keep the entity as separate to protect its corporate veil so don't co-mingle your funds and use it as an alter-ego for example.Also, legal entities such as LLC's are not eligible for conforming residential loans. 

Does this property conform to the neighborhood.

@Tommy DeeOh, I should wonder/mention have you realized that legal entities, such as LLC's, are not eligble for conforming residential loans? 

The problem you'll have is your gap in employment, which you can offset if you have enough cash and a deal with a solid rate of return/arv, this is best done through a private lender because although loan depot can help with one of their non conforming loan products they are still a bank and by nature they are very conservative.

Beware, from a financing POV these are a white elephant; 2-4 units with a commercial unit(s) don’t qualify for commercial loans (5+ units only), and they don’t conform to traditional homeowner loans (1-4 residential units only.) the upshot is that you can probably get decent financing when the financial markets are strong like today (read: more flexible).