You will need 20% down and the rate will be higher than conventical but its the price you pay for us not to look to deep into your situation.

(but not zoned for) Property is currently offered at 750k , a property right beside almost identical was sold for 725k on conventional mortgage and it was initially offered for 769k. (5.72% decreased on a conventional mortgage that took almost 4 weeks from pending to sold).So based on this data I have estimated(not exact science) that I could give a lowball cash offer for 550k(maybe w/ some luck) but with some room to go up to 635K (which is a 14% decrease on the listing price and hoping to close fast with a cash offer) 70% of $900k is only $630k, which would be the max you could refi. 

There is a limit of 10 conventional mortgages.

To qualify for conventional financing you need to affirm that you will live in the property.

The Condo I got a conventional loan with 20% down.

No income verification, no tax returns, up to 80% ltv on a purchase and rates in the 4's on a 30 year fixed.Lots of people are moving away from conventional financing for their investor loans (including lenders) and going with the no hassle option.Stephanie 

I was expecting the interest rate to be lower than a conventional rate - not higher. 

If you just did a cash out refinance, you will have to wait for a year before you can get another conventional or FHA mortgage because they require 1 year of owner occupancy. 

If you don't qualify you can use a non QM loan in the 5-7% range and refinance into a conventional mortgage once you have two years of stabilized rental income for the property. 5-20 units are small in the commercial financing world and lenders for this asset size are few and far between.

As manufacturers of prefab wooden buildings, we are seeing growing interest in prefab due to the shortage of builders and in green building by impact investors.