Kirkpatrick has been nice for me due to their ability as both a portfolio lender as well as conventional (of the loan gets sold its picked up by their sister bank in Tulsa who are small and easy to work with)

Financing is a thirty year conventional mortgage listed as investment property. 

You'd need to have great service, a great location, and you'd have to capture a small group of people who are intentionally looking to stay in a conventional B&B over other options that may be cheaper or more convenient.

If you keep it single member, you should be able to refinance out conventionally into your personal name for a 30 yr fixed loan. 

My goal is to put down 20% and go conventional route for financing.Looking forward to hearing your replies!

My current rate on my FA is 3.75% but im paying $223.51 MIP.My lender's current rate on conventional loans is 3.25%.

Conventional mortgage rates rates tend to track the 10 govie yield.  

The prices of those types of buildings are still very reasonable, you can get conventional financing for them, and the mortgage and expenses are usually covered by half the units rent, so the rest of the units tend to be cash flow.

Perhaps conventional loans has their own rules?

@Steven Graber with these numbers are you using conventional financing for both acquisition and refi?