Wholesaling a house with a conventional or FHA approval letter

[Paul Tibok]

I am living in the south Florida area and looking to buy a duplex to owner occupy. I am very active in my search checking various sources daily so I am usually one of the first people to actually be on site and look at the property. There are usually a long list of investors, agents, owners occupiers like me looking the same day and these properties get sold very quickly (within days). The market is hot down here at this time. An idea came across my head that if I was able to get a property under my own contract which would have an assignee's disclaimer using my pre approval letter for and FHA or conventional loan to get in, is it feasible or even legal to flip or wholesale that contract for a profit? Any advice be much appreciated!