You will have a hard time finding someone who will recommend an LLC if you have a few rentals, when you get into double digits you may want to look into it.

If you can keep your rehab costs down that'll help since to refi to a conventional loan, the most LTV you'll get is 80%.

I purchased a $650K SFR recently with the 5% down conventional and my MI is below $150, this would be over $400 for a FHA loan with the same value. 

I used an fha 3.5% Down loan, lived in one side and then a couple years later refi’d that into a conventional loan then bought another duplex with fha (bigger for our growing family and closer to where I wanted to be).

Conventional financing cannot be used to buy this property."

conventional

My suggestion would be to find some deals, draw out the various scenarios such as 20% down owner occupied with no PMI, 3.5% down FHA with PMI, or 5% down conventional first time home buyer.

Cameron,If you have the equity and you can offset your interest payment from the commercial loan by using a conventional loan. 

Purchase price: $527,500 Cash invested: $115,500 Purchased a house hack with the help of my parents. 20% down conventional 30 year fixed at 2.99%.

There are a number of other threads discussing the level of risk involved when transferring ownership of property financed under a conventional loan from an individual to an LLC, with a wide variety of opinions on the due on sale issue.