Hi Ned see below from HUD Handbook:A three- to four-unit property is a Single Family residential property with three to four individual dwellings.

Dwelling on the results will not change them but tweaking your efforts, actions, and habits certainly will yield different results, particularly if you can be patient long enough to see your hard work pay off.The balance of patience comes from your ability to perform a strong set of continuous actions in the right direction, which will yield results over time rather than after each action itself.When chasing success, money, or entrepreneurship, the same elements apply, as you must be able to stay the course and focus on daily routines which, when combined, will yield a higher level of reward.

In zoning districts where no more than three unrelated persons may occupy a dwelling unit (as specified in subsection 175-56 General Dimensional Standards), there shall be no more than three unrelated occupants in total for the single-family dwelling and the accessory dwelling unit combined or for the single-family dwelling and the accessory apartment combined."

Even allowing increased density within existing structures or modest infill development (accessory dwelling units or "granny flats" in backyards). 

It is a multifamily dwelling. 

@Ken SinghThe value of the dwelling structure can be depreciated, but not the land.

If its under an LLC than 500k liability is enough.Do you know if the Dwelling coverage is Broad Form (like C - Personal Property) if yes see if they can change it to Special Form.a $2500 Deductible would lower the premium some what.good luck.

It can be any kind of multi-dwelling structure.

My daughter has special needs and this has drastically increased my interest in secondary dwelling units, independent living options, and creating a stable source of income for her once I pass on.  

Once the property and dwelling is owned, could we then approach a commercial loan for financing the renovation?