So whats the FHA rule again?

[John Chan]

I just got a single family under contract. There's minimal work needed to be done before I plan on flipping this property, but isn't there an FHA rule that states that you cant flip a property for x% of profit within 90 days? I've never paid attention before to the FHA flipping rule before, can anyone verify this rule?

Also, any other important new rules to take note of from the newly imposed FHA rules? Thanks guys.