Do Properties in LLCs count toward Fannie Mae 10 Property Limit?

[Mathew Pezon]

Hi BP! If an investor already has 3 properties in their personal name and, say, 20 single family properties owned in LLCs all with commercial mortgages... is this investor then eligible to purchase a 4th property with a conforming mortgage in their personal name according to Fannie Mae guidelines? Or does the 10 property limit take effect and the investor would be ineligible? Here is the most recent information from Fannie Mae I was able to find. https://www.fanniemae.com/content/guide/selling/b2/2/03.html Thanks!