It should not be a problem on a Fannie Mae loan.

It is a Fannie Mae Homepath property that the bank did a lot of work on. 

According to this Fannie Mae eligibility matrix you're limited to 75% LTV on an investment property "limited cash out refi".If you're wanting to do any significant fixup you need to get the tenants out.  

I believe the 45% limit is a strict Fannie Mae guideline.

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Fannie Mae does not understand AirBnB.

Then sister went bankrupt, and I bought her 10 acres and house, where I reside,  from Fannie Mae around 2008.

@Molly S Ringer pm me the details.

I'm actively looking for lenders in The Chicagoland area, specifically the west suburbs (Downers Grove and surrounding) that has experience with the Fannie Mae Homestyle Renovation Loan.

Finally in February of 2009 the house was sold at auction.I would say there are $20k to $30k worth of repairs to bring this property back to life but Fannie Mae has the house listed about $10k to $15k below ARV and has already turned down 2 investor "low-ball" offers.