The alternatives to using the delayed financing exception are:CO-refi again later to pull the remainder outForego the exception and wait the 6 mo's seasoning and do a CO-refi for the full 75% LTVGo with a lender who writes non-conforming or commercial loans that have fewer restrictions with more expensive terms.So, while it's possible to get 75% LTV, there is always a trade-off.Also consider the impact of consistent 75% LTV on your debt-to-income (DTI) ratio. 

that would be a rezone or non conforming use or just apartments or multifamily units. 

Also, what is mean't by a, "conforming loan?"

These are "non-conforming" loans made by the bank where they hold the paper in their own portfolio. 

The city might get involved if the fence doesn't conform to relevant zoning or building codes. 

When using virtually any conventional / conforming financing, there is a Due On Transfer clause in virtually every Deed of Trust.

Also a property that doesn't conform to the current zoning regulations, may be grandfathered in for multi units.The only way to know for sure is to call down to the zoning office.

Another factor is most larger institutions (National lenders, Fannie/Freddie) prefer owner occupied buyers & are making repairs to properties so they will conform to FHA financing requirements, while putting time restrictions on investor offers essentially freezing them out of the market.

Being a realtor, I know that this form is always to be filled out, but I'm thinking this is just to conform to real estate commissions guidelines for brokers and agents.

In my county, anything to be recorded MUST be notarized, and must conform to specific page layout rules (at a minimum).