You'll most likely need to pull a plat of the land from your county office.

However, the 203K loan is a specialized loan that will beat you up and spit you out if not done by a loan officer that only does those loans.

Check with your local building inspectors office to see what the actual property is, check to see if there have been any permits maybe to increase it to a 3 bed.

Just don't know which one would look better to a loan officer.

Then I became a NYPD Officer and then a City Fireman.

Just don't know which one would look better to a loan officer.

I'm currently working full-time in the military (National Guard) as an Operations Officer and loving it.

He hired my company to manage it and when we called to schedule the rental inspection we were told we have to first call the permit office. 

In his case, he had a barber shop as tenant, legally allowed, and insurance is covered.As to insurance rates, an office tenant is the lowest, bodega stores much higher, 3 times higher based on risks.

Conventional max LTV's:  1-unit 95%, 2-unit 85%, 3-4 unit 80%.So if this is a 3-4 unit, you would need to be at 80% LTV and there wouldn't be PMI.Also if your income is below the income cap for the program, Conventional Home Possible is coming back on 11/15, which allows up to 95% LTV for a 2-4 unit.Check with your loan officer on your options.Hope that helps, best of luck!