Does a trust need a commercial loan to purchase property?

[Tyler Brown]

I manage my mother-in-law's irrevocable trust that owns two rental homes.  I'm interested in acquiring a third, and would like more information on the process of obtaining a mortgage.

There's lot of information out there about purchasing a rental home via an LLC, but I don't see much regarding trusts, and much of what I do find is for countries other than the US. I understand, and correct me if I'm wrong, that an LLC needs a commercial loan to purchase a property, as opposed to a traditional mortgage. Does a trust have the same requirement, or can I simply call up any bank and start shopping around for mortgages in the same manner that I did when I bought my own home?

Also, I've heard that many lenders want to see at least two years of your other unit's rental histories while evaluating your loan.  This trust generates about $75k a year gross income, but was only formed 8 months ago.  Does that mean I shouldn't even bother attempting to get a loan until it hits the two year mark?