Question on wholesaling Fannie Mae?

[Mikel Graham]

I know this has been covered a bit in the past (and yes I'm going through the threads). But I do have one question that I'm not 100% clear on.

Apparently, there is a "carry with the land" statement in the 90-day/20% restriction.

Just to be 100% clear... does this mean that, even if I pay for the property in full, 100% cash, I'm still not allowed to sell within 90 days and more than 20% profit?

Just seems strange that such a restriction would continue to apply once the property is fully paid for.

I ask because I'm staring at a great wholesale deal (would be my first). The price is $79/sq. ft. and similar houses in the area (like within a few blocks) are going for $130-150/sq. ft. I believe I can wholesale this but my only hesitation is that it is a Fannie Mae property.

I'm aware of the 'trust' workaround and will most likely use that method and pursue this.

Any and all help would be appreciated.

M