Also assuming the property you are buying will be a pure investment, and not a place you intend to live.Fannie Mae actually follows the "Rich Dad Poor Dad" book pretty closely, FYI.

I confirmed with my underwriting staff that if I refinanced his existing duplex out of the FHA loan and into a Fannie Mae loan, that would clear his ability to then buy the duplex next door using an FHA loan again.

You can still search Fannie Mae, Freddie Mac and HUD for foreclosures, while conducting a direct mail campaign, driving for dollars or using bandit signs.

Hoping anyone that has bought from Fannie Mae can help on this.  

Additionally, the feds (fannie mae & freddie mac) will cut you off at 4 conventional mortgages - which doesn't sound like a problem for you yet either.If you have not used an FHA loan you can buy another small mutli-family, 1-4 units, and "house hack".  

Non Fannie mae loan.

I’ve been researching Fannie Mae smaller apartment loans.

@Jason Smith the reason that 80% LTV is hard to find with a cash out loan on an investment property is because Fannie Mae and Freddie Mac have a limit of 75% on cash out loans with a single family home. 

But, really, non-qm isn't ready for the big leagues, and the solution for the self employed person (most common non-qm applicant, they all have the same story: "I commit tax fraud or have a stupid CPA" "I have a lot of write-offs") remains "be honest with Uncle Sam when it's tax time, if you want to borrow money from Aunt Fannie Mae within the next 1-2 years, and also stop committing tax fraud or using the services of a stupid CPA."

@Kyle Schlosser Freddie Mac and Fannie Mae through their respective SBL (Small Balance Loan) and SML (Small Multifamily Loan) programs can offer nationwide non-recourse financing utilizing 30 year Amortization.