I plan on using the Fannie Mae homestyle renovation loan for the deal.

I am planning to use a Fannie Mae Homestyle loan with %20 down.

Fannie and Freddie's guidelines are 1 day after the lease agreement has been signed. 

Many loans with Fannie Mae are interest only for 2 years and then you start paying principal and this gives you some breathing room during the value-add process.

Some brokers actually have somewhat legit pro formas, with just a little biased tweaking, but you still want to verify those.Something that I've noticed lately, is that some properties that are over 4-units, which should be trading as commercial properties and valued based off of cap rates, are trading more like single-family homes and are valued based on comps and emotion.  

Cosign with my PML on a Freddie/Fannie Investment Loan Product (Fixed rate, 30 yr Am, Lower Rate, etc.).

We've also noticed Cleveland has relatively high property taxes.

This is a Fannie Mae property, what does that mean and how does that change the deal?

ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ACCEPTANCE GIVEN AFTER THE DATE OF QUALIFICATION.

Ultimate house hack is to buy a 2-4 unit FHA[Fannie Mae might be easier to get out of PMI down the road] in college town or similar.