cash in- cash out on a condo

[Mike Reynolds]

I came across a deal today on a condo off market. Condos are not my thing, but this thing is a smoking hot deal. I would have to pay cash within the next 7 days to get it before it goes on market. The problem I have is that I am also looking at a few other deals that I hope get the contract dropped and I think at least one will. I dont want to tie up too much cash right now. 

I recall reading something here a few years ago about how hard it is to cash out from a condo. I dont even know if this is true or not. If it is, then I may have to let this one go. My questions are, can you cash out from a condo when it is investment property? Can you 1031 it? What are the different nuances as opposed to SF? 

[Reid Chauvin]

You can actually cash-out via fannie/freddie without waiting 6 months through 'delayed financing'. Here are the delayed financing requirements: What is required for a delayed financing exception? (fanniemae.com)

I will say though, that Fannie and Freddie literally just this past week put out new condo guidelines (as a result of the condo collapse in Miami) with even more stringent requirements, making it more difficult to finance condo's. (I'm supposed to attend a training on this this afternoon, so I'm not even sure yet what all has changed).