If you google "fannie mae's guide to becoming a landlord" it will point you in the right direction.  

LLC) BUT getting loans becomes much harder since Fannie Mae and Freddie Mac do not make loans to LLC (except delayed financing).There are other reasons one might need an entity, so talk to your attorney and CPA to determine which option is best for you.I buy in my LLC but I am also a cash buyer.

Recently I noticed that many of the listed Fannie Mae houses are originally listed with prices like: $129K - $149K....however rehabbers have been buying them for about for about $60K even though they never listed for anything near that price. 

@Louis MannikkoAs @Wayne Brooks said, you can purchase an investment property within a condo association but they are subject to more scrutiny from Fannie Mae.

Originally posted by @Molly Jacobsen:Can I legally sell or transfer (which is best?)

Has anyone used fannie mae homestyle loan for flips?

It also doesn’t hurt that Fannie Mae suggests using that method as well.

Gotta be right with Uncle Sam to get access to Aunt Fannie Mae's cheap money. :)But get a second opinion anyways, overlays mean that not everyone calculates self employment income identically. 

Be prepared that your terms with a portfolio loan will be different than a Fannie Mae or Freddie Mac loan.  

There is a fannie mae product that is supposed to help with this situation.