The primary difference is in how you finance the purchase. 1 to 4 units can be financed with conventional mortgage financing, however when you're purchasing five units or greater in a single transaction, typically you will need to use commercial multi family lending companies.  

I know what I would call professional wholesalers I know many.. they buy their inventory never touch it and flip it..

He's retiring and looking to slowly sale off his remaining inventory.

If you don't have that confidence, take the lower offer that is conventional and at least 5% down.

Thank you for clearing that up Teri , So is there a ARV range for houses that nationwide lenders look for when considering granting home buyers conventional mortgages & loans? 

He's open to a conventional loan, but would prefer the owner carry and is willing to look into hard money Sacramento Redding Chico 

Everything I have done to date has been conventional, lease optioned, or seller financed, so entering somewhat uncharted territory.Mentor recommended having a Personal Financial Statement (PFS ), a couple of check stubs from the day job and last years tax returns. 

(I check their inventory from time-to-time looking for a deal.  

@Joshua Feit Inventory can often go "stale" if its not a fresh listing and has come back on the market...

In two years time, you would have rental income to show for multi-family, and that would help you qualify for a conventional mortgage.Could you partner with someone locally to go in on a multi-family together, reducing your expenses together and building equity.Could you find a smaller property locally to buy and live in, start building your equity and net worth while saving cash for the next place?