I was looking at properties in my area and came across a few Fannie Mae owned properties.

I pasted in the rule below.Short sale listings must have five days in MLSWASHINGTON – July 9, 2013 – Fannie Mae recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS).

However Fannie mae will allow up to 10 financed properties but here is how it works. 

But be careful if you get a fannie mae  loan in your name they could call the loan do. 

For lenders that have overlays on a Fannie Mae / Freddie Mac or government type loan, they may hit you with a payment on the card as if it was maxed out.

Sorry, overlay means additional, more restrictive rules imposed by a bank bank  beyond standard Fannie Mae Conventional guidelines. 

You're not doing anything underhanded by making this shift. if the properties are financed in the name of your LLC and owned by your LLC and the LLC files a separate tax return (say, form 1065 as a partnership), then then standard (Fannie Mae) rules would mean these would not be included as an asset on your loan application.If the LLC is single-member and you show the properties on your personal tax return, a lender will still consider them "yours" and they'll be on your personal application.A few further considerations, if the properties showed up on your personal tax returns in prior years, you may be asked to show the new loan documents to evidence you don't have liability for the loan.

I read Fannie Mae's guide about this, but I'm confused about on of the criteria in order to quality.

Quote from @Mollie Hess: Quote from @Austin McClain: Going to meetups is a great way to get to know people in the area doing the same thing to learn and bounce ideas off of.

The only deal I've seen was a Fannie Mae owned requiring owner occupied purchase.