It can serve two purposes, provide a roof over your head and still provide some income to OFFSET your LARGE MORTGAGE payment, since you are considering putting 5% down.  

As @Stuart Udis points out though, you may have more pressing issues.What is your ownership of these buildings and how are you protecting your investment?

Hi All. I have a SFH I am rehabbing to get it rented out. The basement gets wet/damp during heavy rains. I am having a mudjacking company jack up some concrete that is sloping towards the property, possibly causing mo...

You might also be referring to a conventional loan that is for properties that aren't super distressed and most credit unions will be able to do them for you I would just make sure the property is owned in an LLC to protect you 

Scott, are you able to provide some insight for a newbie?

However your situation becomes a trickier case study since these properties first served as your primary residence which could provide additional benefits form a tax perspective not available to an owner of investment real estate and nobody has a crystal ball and knows the property with certainty will transition into an investment property. 

Regarding the secondary roof issue, your first step should be to consult with your current insurance provider.

The last thing you need is to provide any reason for him to claim that this is a consumer-purpose loan.

Providing BP doesn't go out of business, it will be interesting to look back on this in 2029 and see who was right/closest.Personally, I think it's easy to go with Florida or Texas city, but they appear to already have a lot of the near term appreciation built in to today's prices.

If that is not the case in FL, try the State Consumer protection dept.