5 units... 2 parcels... can this be done via 2 conventional loans

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I'm looking at a Triplex & duplex packaged deal, they are next to each other, sharing a courtyard, but on 2 different parcels.  Can that be broken down into 2 separate conventional loans?

Probably. I've had buyers do this on multiple occasions. There would need to be two separate contracts (it's probably okay if each contract is contingent on the other in a "conjoined closing"). 

Ultimately, it's up to your lender. 

The properties and the loans will most likely need to be in your personal name (no LLCs), and you'd need sufficient credit, income, and DTI to qualifiy for both loans simultaneously. And of course, you'll be paying for some things (appraisal, survey, origination and closing costs) twice. But in many cases, it's worth it to lock in 30-year fixed-rate financing versus a commercial loan.