I had a foreclosure I bought from Fannie Mae where the grass was being cut for a while.

Just go to the Homepath.com website (shows Fannie Mae REOs, which are always the most numerous REOs) and do a data extract on your county or target area.

Due to the Dodd Frank the current requirements for a Fannie Mae loan say that you should have a debt to income percentage under 43% (including your new payment for the property that you are purchasing)Remember that it is talking about your monthly debt.

If you do a loan through Fannie Mae you can use rental income the next day.

@Joe Gore Correction: the official name of the form is not HUD its the Uniform Residential Loan Application, otherwise known as the Freddie Mac Form 65 / Fannie Mae Form 1003.

This is a Fanny Mae program you can quickly google.

An exception to this is if you're flipping a Fannie Mae property (like that one I'm doing right now) there is a 90 day hold rule if you plan to re-sell for 20% more of what you paid for the property regardless of the type of loan.As to your second question, being good at flipping may help you make buy and holds rent ready faster, cheaper, and more efficiently.  

Jeff--Homes offered through Homepath are for Fannie Mae-owned properties only, not banks.

@Matthew Burns You can use a FHA 203(k) loan or the Fannie Mae HomeStyle rehab loan.

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract.