And finally how will the bank see it for a conventional mortgage.

To the best of my knowledge- conventional loans have decently strict federal guidelines as to what's required for down payments and occupancy. 

We mange 15 units in two, one is very close to the Orange County Convention Center and the other is closer to Universal.

You may not find that person the conventional way - you may have to get very creative.I am 78 y/o and have done many renovations, commercial and houses, I am very careful whom I select and how I negotiate with them.

My question is will I be able to get a conventional loan if I only plan on living in the house half of the time?

I would like to tap that equity ASAP, then refinance into 30 year conventional after the 6 month seasoning period. 

I'm sure there are a few scenarios where this may make sense to pay off debt, and then you would want to refinance back into a conventional product at a rate in the 3's. 

Conventional financing with 20% down.

@Simmie Peters There are some great "low doc" cash out refi products out there with rates that are pretty close to conventional right now. 

We then spoke to a broker who suggested we do a conventional loan in one of our names, and then change the deed to the LLC after a few months.