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Can I buy a 12plex using a conventional loan if it sits on unrestricted land?

I came across an unique property which has 12 units and the land is unrestricted, and my realtor said I can go either loan type (residential or commercial); depend on your lenders discretion.

Has anyone heard of this before? I'm looking to owner-occupy the property while renting so that should allow me to do a 80% LTV. I'd like to avoid commercial if I can because I'd like to keep the monthly payments low longer. This will also be considered my primary residence since I don't own any other property.

Also could you buy this as residential property and rent it the units after a year? If I told the lender all the properties will be occupied by me and my family but after a year decide to start renting, is that legitimate? I have a low DTI ratio so I can manage to pay the monthly payments and save on top of it until we can rent.

submitted by /u/SpaceBallzZzZz
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source https://www.reddit.com/r/RealEstate/comments/noxm7m/can_i_buy_a_12plex_using_a_conventional_loan_if/
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