Financing Flips With FHA 3.5% Down Loans

[Robert Haviland]

Hey everyone,

I'm a newbie looking to get involved in real estate investing and was thinking if I could do flips by using 3.5% down with a FHA. For instance, could I put 3.5% down with a FHA, get a 203k loan to finance the rehab, and then(ideally) flip the property at a profit, at which point I use the profits to to get another FHA loan and repeat the process?

Also, would this be legal or what would be the legal ramifications from trying to use the FHA in this way?