I'm going the traditional route of a conventional mortgage, fighting underwriting, etc.

Especially when it's going to be higher than a conventional loan to start. 

Do underwriting guidelines allow for one conventional mortgage that would cover the two duplexes or three houses respectively? 

They would charge you more to try and save the old slate than you could ever hope to sell it for . 

I have an investor partner who will finance 25% at market or slightly below market rate on an 8 year am. 75% will be financed via conventional commercial financing, 20 year am. with 5 year balloon. 

Do I respond to the lawyer with anything other than she will be charged a late fee?

However, your flip needs to have enough earning potential to cover the HML's high points (fee) they charge at closing and gets rolled into the loan (3-4% of total loaned amount). 3) I did my last flip with putting a conventional 30 yr fixed and paid the down payment and reno costs in cash/LOC.

I wanted to know how exactly does this process break-down compared to conventional mortgages (using SOFI)?

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

You might charge a little more rent to account for the vacant months but ideally you'll have time to turn them over and rent them out sooner in the following year.