"Flip this House"
The rules for getting these properties financed have been a challenge. I have financed most of these properties as an FHA loan. The guideline is: the property needs to be held for 91 days before a mortgage can be put in place. Here is the thing, not every lender follows this guideline. I have worked with two lenders that will close on the "flipped" property in 30 days, many more hoops, but doable. A second appraisal is always required and they may want a detailed breakdown of the renovations that were done to the property.
The rules and guidelines are a moving target and will continue to change over time. If you are involved with this kind of transaction, make sure you work with someone that knows what they are doing.
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