In some cases you can buy a 1-4 unit for as little as 10% down, so even better than a conventional or Fannie Mae or Freddie Mac loan. 

Your rate and terms will not be close to Fannie Mae rates right now; just a disclaimer.Stephanie 

Rate and Term Refinance - If you are not receiving a cash out loan, and just refinancing, then your LTV can be up to 85% with a conforming, conventional loan (Fannie Mae and Freddie Mac).3.

Sometimes they have extra fees for loan amounts, but thgese are well worth it to lock in the long-term low-rate financing.I'd recommend that you google the Fannie Mae selling guide and read these sections, to get familiar with how it works for income properties, and the implications when you have more than four finaced properties.B2-2-03B3-3.2-07B3-3.4-03B3-4.1-01B3-6-02B3-6-06

You can also use Homepath.com, which is the Fannie Mae equivalent of Home Search.

And the final nail in the coffin is that even after you do all that extra work and get to the closing table, the homeowner/investor is going think you ripped them off on the rate/fees when really that truly is the best you could do, given the lack of Fannie Mae subsidy. 

My advice if you want to get a fixer upper but also be able to qualify for a loan, is to look at the Fannie Mae, Freddie Mac and HUD houses.

HomePath finances Fannie Mae REO properties.

Conventional loans are governed by Fannie Mae and Freddie Mac (if you have heard those names before).  

Do you keep all your properties in an LLC so you do not exceed the typical rules for Fannie Mae and Freddie Mac which say you can exceed 10 financed properties?