I spoke to a lender yesterday and they said that there are new rules on cash-out refinances for the 5th through 10th property in Fannie Mae.

As this is a 5 unit, I intend to get a commercial real estate loan.Would these individually deed properties each could against Fannie Mae guidelines as well?

Once the rehab is done, you would refinance out with a direct to Fannie Mae lender (no seasoning required).

There are two types of investor loans,the highly restrictive Conventional Mortgage (Fannie Mae/Freddie Mac) and the much less restrictive and Investor Friendly Non-QM (Non-Qualified Mortgage).Conventional rates may start off from the 5s while Non-QM rates may start in the mid 5's to mid 6's but can go much higher if your credit is below 700. 

not under FHA 203(k) program...but you could do it under the delayed financing exception of fannie mae

Do a rehab and then refinance to a cash out at 70-75% on a Fannie Mae or Freddie Mac loan, to get most if not all your up front money back out the deal.

MLS, auction sites (i.e. auction.com, hubzu, etc), and the govt sites (hud, fannie mae, etc). 

I've read Fannie Mae guideline on this, but am recently confused after speaking with a few lenders.

. :)Everyone always mentions the inability to transfer personal Fannie Mae loans to a LLC, and the risk of them being called due. 

He said Fannie Mae will not lend on two properties on the same loan.