@Sergio Deleon:  one of the Lenders my condo buyers have successfully closed many condo transaction with finances non-warrantable condos and does require a condo questionnaire, but on non-warrantable condo program it is almost a mere formality since thry really don't care what the questionnaire says for the most part.  

While smart on FHA's part, made it a lot more difficult for buyers/borrowers using FHA's program to purchase in higher cost markets since the rent to price ratio typically needs to be at .90% or higher (approx) to make this SS rule fly.Freddie Mac Home possible is another program that is promising to lift this requirement and still offer a very competitive low down payment of 5% for 2-4 unit properties.There are a few stipulations and an income restriction for the borrower to qualify, but in most metro  areas  there are no income limits in a predominant area of the city.

The general numbers for each program are 45% for Conventional Loans, 55% for FHA/VA/USDA.  

I figured there's got to be some program out there for such an undertaking.

Which means after debt service there wouldn't be much cash flow, and COC is about 4%.However with the Freddie Mac small balance program we could get up to 3 years of interest only payments.What I'm trying to asses is what is is an acceptable yield to walk through the door at, and be happy with should things never change, and we aren't able to raise rents at all. 

You won't be able to go with a 30 year until the rehab is done BUT most of the lenders have a rehab program and a 30 year so that you can roll easily once the rehab is complete.

I am assuming this is a different program than FHA loan ?

I want to made sure that I didn't take a $35K master program. 

The company I use has a very cool program.

I'll look into those programs.