REOs and Fannie Mae/Freddie Mac the same?!

Hi,

Are Fannie Mae or Freddie Mac properties the same thing as regular REO properties held by a conventional bank? Can we wholesale these Fannie Mae/Freddie Mac properties the same way as wholesaling REOs (all cash, via double closings, Land trusts, selling the LLC)??

Any strict seasoning issues? Any anti-flipping rules? Or does Fannie Mae/Freddie Mac largely cater to first time home buyers?

Thanks!