Flipping Too Fast? Conventional Not An Option?

[Lauren Nicholas]

We just picked up and are in mid-to-late renovations on our first flip. 

It's a modest start: a $50k condominium that we purchased for cash in need of only moderate cosmetics. With all costs (closing, lawyer, HOA, renovations), we're investing an additional $5,500 (remaining under budget in almost all categories). The last several months of market has shown that these condos sell in 1-2 weeks and for $70-$78k. So, this is all great.

The bad: we're moving really fast... too fast? We closed on 9/7 and the final renovation (new carpets) will be completed on 9/19. We will be ready to re-list on 9/20.

We knew a quick turnaround would exclude FHA lending options for 91 days (FHA is hard to get here with condominiums, anyway), but we thought we'd be able to work with cash and conventional. We're now learning ("now"...not ideal, I know) that we have to hold the property for 61 days before we can accept an offer that involves conventional lending?!

Does this sound accurate? Under zero circumstances can you flip in under 61 days and still offer conventional? If so -- what do we do? Put it up as cash only? Advertise cash only for a little while? Do we risk it going stale if there are no quick cash offers? The carrying costs are relatively low, but this is still a  potential annoyance.

Obviously this is a major oversight and a steep learning curve. Your input is appreciated! (We're in New York, by the way).