Straight up conventional loan conforming.

A bank offering a conforming loan wants you to own the property for at least 6 months before a cash out finance.Good luck

You didn't mention whether your 1st mortgage was a conforming Freddie/Fannie or an FHA type loan.As Mark implied, you can only have 1 FHA loan at a time (and I believe there's a limit to how often you can get FHA loans as well).  

Section 8 in TN has crazy high standards that properties need to conform to in order to qualify for being able to take it.

If the future land use map shows a higher density designation for residential, then you are easily able to show that your idea for rezoning is in conformity with the City's plan for the future of that area.  

Most bigger towns and villages require a architecturally stamped set of blueprints that conform with current building codes that have been put in place.The area I built didn't require an architect stamp which saved me money.

tony, currently, you and your fiancee are separate entities..if you can each qualify on your own for loans, you could each hit your cap of conforming loans before getting married...once you are married, you are an entity together and won't each be able to get the 4 loans..it's a way that you can double the amount of 30 year fixed low interest loans before geting married..once married, you can then transfer to an LLC that you joinlty own...maybe im' not making muchsense today..chalk it up to a long weekend and a monday...sorry anyways, i believe mitch found a way for his wife to qualify for loans so im' sure there are other strategies as well

Including the three months income would make a positive NCF for that property, 2012, so I will definitely be doing at least that much, for both legal and financial purposes.Does anyone know where I can review the detailed guidelines of a Fannie Mae conforming loan with respect to different requirements like the 30% equity, 6 month reserves, etc?

I would suggest trying to find a larger bank for your first 4 properties that are conforming and working with the smaller regional banks after that.

You have an option that will let you buy, as long as you conform to all the terms of the option.