90 day flip rule explained...

[John W. Long Jr.]

I've been researching this rule for about a week. And still no definitive answer.

E.g. I buy a home for 50k. 40 days later I attempt to sell for 60k through conventional lending.( not FHA)

Is this possible? What exactly is the rules for 90day?

1.) I was told i could sell within 90days for no more than 120% value of purchase price.  (120% = 60k)

2.) I was told i could sell within 90days for no more than 110% value of purchase price. (110% = 55k)

3.) I was told I couldn't sell at all within 90 days.

I could use some help on this Matter If possible.

Thanks I advance,

John W. Long Jr.