I have two commercial loans but want to use a tradtional mortgage to buy a residential I intend to rent out. Do I need to live on the property for a year to do this?

Non-owner occupied (investment) loans are readily available in the traditional mortgage market. You do not need to live in the house. Down payments start at a minimum of 15% down. Rates are also a little bit higher than an owner occupied home loan. If you buy as an owner-occupied home to get the lower rates and smaller down payment, then you must live in the house at least one year before you can turn it into a rental property. I lend in MN WI IA SD ND - I can be found at JoeMetzler.com - NMLS 274132

As Joe indicated, Investment property loans are readily available. If your intent is to make it a rental, you should not be trying to get a loan for an owner-occupied property. Doing so, even if you were to move into it first, is a form of fraud, Fraud is based on intent, and your intent to make it a rental before you even buy it, means you should be using the correct loan type from the beginning.