I am guessing it's a wholesaler so selling a contract or won't qualify for conventional if it's super bad

Is 20% conventional the only loan type for this?

If you decide to refinance and pull cash out, you can get up to 75% of the appraised value on a conventional loan.

So this led me to get pre-approved for a conventional loan.

The property will be a primary resident using a 5% down conventional loan.

You still have a couple mortgage to go before you max out on conventional, but it may be time to start researching b2b commercial loans in your LLC or entity name to avoid these types of issues.

@Vidyadhar R.The 6 month seasoning period is something you will run into for almost any conventional refi, as it’s a federal regulation for Fannie/Freddie loans.

If you are looking to do a conventional refinance (no cash out) then there is no seasoning.

Background so the numbers have meaning - Conservatively approved to 400k, FICO 800, clean history, 20% down payment on non owner-occupied investment property, 30 yr fixed conventional loan.

Then you pay closing costs again when you purchase a property with your "conventional" loans.Or you can just keep your current "conventional"  loans and just use a commercial loan when you purchase your next properties.