We initially were thinking to go FHA as we recently refinanced our ranch (which we plan to rent out) out of FHA, into a conforming loan.

In Tennessee there are very specific rules about it - even though I'm a licensed real estate agent, there's a variety of other regulations I would need to conform to, which is why I only manage my own properties

Then, apply for a commercial loan (legal entities are not eligible for a conforming residential loans). 

I’ve posted on this relentlessly...For a couple of properties, insurance and umbrella policy should be enough.Don’t forget that LLC’s are not eligible for conforming residential loans should you decide to refi...You also need to operate the LLC as a separate entity to maintain/protect its corporate veil otherwise you’ve defeated the purpose.

Let's call it 60% done but a LOOONNGGG way before this property could qualify for a conventional and conforming loan.

This is for conforming residential loans.Also, with any Government backed loan, the mortgage insurance never comes off the loan. 

It is possible you are considered legal non-conforming.  

Legal entities are not eligible for conforming residential loans.

And of course what your current financial situation is... the nice part about that W2 is that you have access to nice conforming loans, so if you have the capital, or can find partners, you could be able to scale pretty quickly with the right groundwork.The other question is what is your current job?

@Armani Diaz is this a conventional loan or non conforming?