DSCR loans aren't subject to these conforming regulations (including seasoning) so you can do a rate and term, or a cash out refinance as soon as the project is complete.

Is this a conforming note that they'll be selling, or is it a portfolio note.

SFR with room rentals could work but may be a big hassle now and may not provide much cash flow later if you rent it as a conforming unit once you are ready to move on. 

I tried finding a lender willing to do a 5% down owner occupied loan but apparently Covid-19 is tightening lending requirements and they no longer offer conforming loans through fannie and Freddie.

You will need to get commercial financing for one, which is much more expensive than residential, conforming loans. 

The listing that says "non-conforming 4-plex" or "non-conforming STR (short term rental)" may actually be an illegal use prohibited by the current zoning or land use code.

This will be a non-conforming loan.

At the point you would be able to figure out your required down payment determining what type of property you are looking to purchase and if you were trying to avoid mortgage insurance.Qualifying follows your typical conforming guidelines and, currently, there is no additional scrutiny from FNMA if you choose to use this loan.

IF it were a primary , and within conforming loan limits, next month you CAN put 5% down.

People could edit and discuss the content to come up with contracts that conformed with Bills original post.