They are 2 deeds and can be sold separately.I am buying both units using 2 conventional loans, lender does not require any HOA doc nor has to review any HOA financial status because according to Fannie Mae/Freddie Mac guidelines, reviewing HOA is waived if number of units in the community is 4 or less.

A lot of MFH are going for 500k+ in my area plus most of them are not accepting FHA loans, they're wanting conventional 15-25%. 

@Elliot Cole and @Caroline GerardoThere are some lenders still doing conventional investor loans. 

Just like over in Europe, furnished rentals will be normal.I specialize in +30 day furnished rentals because they are just as profitable as traditional Airbnbs but they have the added benefits of requiring less time to manage, less chance of parties/undesirable stuff, and they are typically not regulated by city laws.Essential Workers and Digital Nomads love extended stay rentals.

With FHA, you must refi to drop PMI, not necessarily the case with conventional.

Both are conventional loans. 

Rookie investor seeking advice: Owner occupied property, conventional loan, qualified for 3% DP, sounds like a great deal for starter home buyers with less cash, and allow for greater appreciation for house-hacking owners, but what are the catch 22?

If you have cash, would you put down 3% (conventional) or 20% standard DP, and why?

@Reyna LopezNo, you won't qualify for traditional conventional financing if you switch from W2 to 1099 (although some alternative lenders have embraced the new CFPB guidelines that don't require income verification).Your best bet, if you are making the money you hope, is to get an asset based DSCR loan.  

Rates are higher than conventional loans.