Fannie Mae/Freddie Mac do not allow income reported on Schedule E from property you do not own to be counted as income. 

Google "Fannie Mae Eligibility matrix" and you'll see the chart if you scroll down.Now, here's the hard part. 

I will use either a 203k or the Fannie Mae product.I created a simple spreadsheet calculation that accounts for buying at the right price, estimating renovation cost (from pictures right now), and only being allowed to refinance to 80% of the ARV.

I've heard a few good things that I'm probably going to try out like the fannie mae first time buyer loan...buying a duplex and living in the top half while renting the bottom.

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

You will need to put 20-25% down on your purchases, plus cover closing costs of 2-4% of the loan amount, and still have some cash reserves left (your 401k balances can be used to satisfy this remaining cash reserve balance.).It's possible to get a Fannie Mae renovation loan, which provides up to a max of 35k in renovation funds.

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

A couple of older threads.http://www.biggerpockets.com/forums/50/topics/15243-owner-occupied-financinghttp://www.biggerpockets.com/forums/48/topics/18061-owner-occupied-to-pure-investment-questionSomething else to consider is current Fannie Mae guidelines require rental income to appear on two tax returns before they will count it when applying for a new loan.

I bought a property from Fannie Mae and there was a deed restriction saying I could not sell it for more than 20% profit for 3 months.

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.