I meant I wouldn't have been able to buy it because the price would have been much higher.

That meant insulation, windows, all mechanicals and even replacing a stairwell on the last conversion that I did.All construction projects go over budget but you need to be especially careful with any converted use.

It’s meant to be an owner occupied loan but if you live there to “oversee the work” then I doubt you’ll have any issues.

Basically, it looks like it is meant to target anyone buying and selling single family homes that they hold for less than 7 years.  

My question was just meant as a continuation,...the next logical question, as a followup from your answer. 

This sounds like complete BS to me and probably meant they were trying to get us out to charge more rent or something, but what do I know.

The main caveat is that they are not meant to be used for investment property purchases. 

Purchasing during the height of Covid meant no one at the county would pick up the phone and finding guidance on renovations from was a nightmare.

I purchased a triplex off the MLS that luckily follows the 1% rule (Did not learn what that meant until after the close).

I said something to the effect of, no rush, I am fine signing a buyer's agency and we can do that later (without me knowing the details of it; I assumed it just meant they would represent me, not that I could owe fees/commissions outside of the scope of the purchase contract).