Most residential mortgage lenders that I work with max out their LTVs on primary residences at 70%, which would mean a loan of $336k.

HELOC on your primary?

The seller was willing to do a carryback in the second position and the bank was the primary position.

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

I am currently house hacking my primary residence in California and just bought a rental property in Indiana. 

But after enduring my first construction loan gut renovation, along with a couple of other partial ones, this issue has been one of my primary mental obstacles. 

Cabin rentals out there are not like houses for primary residences.

These loans allow buyers to purchase a property “AS IS, WHERE IS”.Renovation loans are available in 30, 20- and 15-year fixed rate terms and can be used to purchase owner occupied, second home and investment properties.By time the renovations are completed, the home needs to be in move-in, live-in condition and conceptually ready to be resold without repair issues.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Maximum: Limited to 75% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesUnits: 1-4 unit propertiesRenovation Term:The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

I am finding that most credit unions will only do helocs on primary residence.

And once you convert it into your primary residence it is no longer eligible for a 1031 exchange.