Is there a 30 day rule for Investor ownership prior to Selling

[Toni D.]

Hi, Is there a 30 day rule for Banks not to allow investors in Calif to have their completed Rehabbed property in Escrow before 30 days? We had 2 offers canceled due to their banks not allowing the sellers to be in escrow if they havent owned the property for 30 days. We did find other Mortgage companies that had no problem, but they chose to cancel.
I read that as long as the net profit does not exceed 20%, then there should be no problem. This was announced in early January 2012!
Thank you.
Toni