It is stated that if one pay with cash for a property then one would be able to utilize "delayed financing exemption for Cash buyers from Fannie Mae".

Forgive me in advance as I have searched through the forums and perhaps my search skills are not up to par but I haven't found a solution.I am currently shopping around for a loan that can help me with acquisition of a multifamily property but am coming across many lenders whom will tell me I can only use a Fannie Mae Homestyle renovation loan  but that is limited to a single family property.I do not intend on living in the property and as such, FHA loans are apparently out of the question.

It even says it on the fannie mae site: https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf

., I currently work for a Fannie Mae lender.

Jeff Garrett I work for a Fannie Mae Lender and I am based in Dallas.

You are not going to get this tenant to suddenly be Molly Maid and clean the place up. 

In short, if the property does not fit strict Fannie Mae / Freddie Mac guidelines, you will need to consider one of the few local portfolio lenders, e.g.

Ok, now that you have taken your initial step, below are some quick links to get engaged.Good luck on your foray into rentals and with your pending move to Austin.I added a few links below for your review that will help with your interest in buy and hold as well as flips and landlording.https://www.fanniemae.com/content/tool/landlord-guidance.pdf (Fannie Mae landlord guidance)http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Fannie Mae puts out a great guide that will help you with most of your decisions using a neutral approach.  

Here is Fannie Mae's criteria:The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.