Primary Residence or new business loan?

[Daniel Hartz]

I don't know if I should structure this deal as if I'm purchasing property for my primary residence, or if I should be pursuing a business loan, any advice?

A marine (boat) service center in Massachusetts has been leasing a 23-acre property for several years. 

22 acres are undeveloped forest. The service center is housed in a commercial garage (8,000sq ft) with accompanying storage lot (1,500 sq ft), located on the property. 

The business owner died, the property owner is looking to sell everything for around $400k.  

Course of action 1: I apply for a business loan to purchase the property and assume running the business. (I have experience running a car dealership in the state and have the legacy mechanic and lot manager committed to staying on)

Course of action 2: I try to find funding to purchase the entire property as mixed use (I plan to develop a parcel for my primary residence to live with my family while running the business)

Course of action 3: I stay in my current W2 job out of state, apply for a loan to purchase the property, and run the business from afar (I would become a passive investor in the business and owner of the property). I would use my current earned income along with my VA disability and rental income from my single family rentals to qualify.

Some more about me: 720 FICO, zero debt outside my primary residence and mortgages on my investment properties, and my va disability rating provides a second income. My wife and I's goal is to run the business and live in a house we build on the property. At five-ten years we move out and rent the SFH as a standalone rental.

[Ned Carey]

@Daniel HartzI would pursue multiple options. However my guess is a residential loan as your primary residence won't be enough to cover the entire purchase. A business loan may not be available because it is in part for your personal residence. Loan for personal residences come with many more consumer protections. 

Talk to a variety of lenders and see what you options might be. You may need to sub divide the property.