@David TiefenthalerFannie Mae just rolled out a program (to start on November 18th) for 5% down conventional on owner occupant 2,3, and 4 units.

This will give you an opportunity to buy a 2-4 unit with little money down so you and your dad can get started without putting out 20-25%+Plus, I would take advantage of the new program Fannie Mae put out. 

Its because on conventional standard (non home possible freddie mac) its 5% down for 1 unit property, 15% down for 2 unit, and 20% down for 3-4 units owner occupied freddie mac (25% down on fannie mae).

I saw that Fannie Mae is allowing FHA financing now.

It's not uncommon for Fannie Mae and Freddie Mac to exclude accessory unit rental income from DTI (Debt-to-Income) calculations, even if it's been reported to the IRS.

203k (FHA) and Homestyle (Fannie Mae) rehab is our specialty.

Don't think you will be doing this, if your concept of "conventional" is a Fannie Mae loan.

Hey all! This helps out house-hackers (like myself) a ton. Starting Nov 18th, buyers can purchase 2-4 unit primary home with only 5% down. FHA is still a good option, but the fact that you can get a 2 family to owner ...

Here's a link to Fannie Mae's eligibility matrix. 

I heard about a program Fannie Mae and Freddie Mac are launching in November where you can put down 5% and use projected income from other units to help your DTI when qualifying for multi family units, does anyone have more information on that?