Freddie Mac requires a 2 year history of owning rental property's, Fannie Mae does not.

This area will be a work in process as I grow, however I recently find a lender who funds their own loans and doesn't abide by Fannie Mae guidelines! 

Fannie Mae and Freddie Mac add a deed restriction to their properties that prevents them from being resold within a certain time frame.

This doesnt directly answer your questions....but I want to point out you can have 10 Fannie Mae loans.  

Fannie Mae will allow for you to use the future rental income based on the comparable rent schedule.  

However, there are many loan options for you, including several non-recourse lenders.This sounds exactly like something you could refi with Fannie Mae, Freddie Mac or FHA.

With Fannie Mae, you can do a cash-out refinance up to 75% of the ARV on a single family home for loans 1-4. 

You should check out HUD and Fannie Mae foreclosure listings (hudhomestore.com) (homepath.com) in your area.

There is no waiting period to refinance an inherited house, according to Fannie Mae (link directly below). 

Aaron,No it wouldn't be fair to assume that.I have gotten many houses that had recorded mortgages and the banks or even Fannie Mae were notified and chose not to redeem the properties.