And, there is too much use and abuse of quitclaim deeds, they should never be used to convey a sale of property, except where a lender may require such, I don't agree, but they pay their attorneys big bucks to protect them so you may not have a choice.

Hi - typically Mixed Use properties are going to require a traditional commercial real estate loan from a bank, small balance commercial private lender or for the larger ones a CMBS style loan.However, a newer "DSCR Loan" product for Mixed Use is making a comeback - which is a really great option for smaller properties/more beginner investors since it has all the same trappings as a residential DSCR Loan (30-year fixed, easy qualification, straightforward process) for a property with commercial units.Generally going to be limited to 8 units max and has to be primarily residential in every way (majority residential by units, square footage and rents) but if it fits all that, its a great option

Do different lenders have different requirements to qualify? 

DSCR Loans are typically great for STR purchases - however, DSCR Lenders are going to require at least some "skin in the game" - so won't be able to have a 2nd lien for the down payment. 

Talk with a few lenders about using the equity in his current house. 

Regardless of who you use for the insurance, be sure to review the condo declarations and bylaws with them to determine what the association needs to cover and what the unit owners are responsible for.

You'd have to get the seller on board with that though and presents additonal risks going that route with the lender and what not.Are you sure you have to live there though?

You can et ideas by looking at reviews in the area you're looking to buy. 

. - Lenders are not balance sheet lenders.

Note this is my first time dealing with this loan broker and lender.