I just want to know if it is worth the trouble to research a Fannie Mae property if it is going to automatically open too high to warrant a bid.

If you had applicants then you may need to honor the listed price.It also could be the time of year students are looking and that this is jusT normal and a price increase may not be warranted - that is a risk you have to think about

Is it a warrant able condo? 

The 50% rule does include PM, but even if you are self managing, the managing requires work and warrants compensation. 

In Mezzanine debt, the the lender is paid back like a normal loan, or if the borrower defaults the lender can exercise a call option (or warrant?) 

However, I feel that this issue warrants consideration and would be especially useful to myself and other new investors.As of late, many economists and market specialists are expecting the market to crash in the very near future.

But there could always be specific circumstances that would warrant a shorter (or longer) holding period.

Our due-diligence is based more on electronic data to determine value, senior lien status, BK status, etc. besides most note sellers rep and warrant a valid lien and lien position.

I also hope you verified the condo was not "non warrantable", if that applies to your financing.

The rents here for the 75-100k 3/2 building look to be 850-900, not enough to warrant purchasing them unless you can find one at a very deep discount.