FHA loan for flipping

[Michael H.]

At the end of this year, I would like to purchase a personal residence with a FHA loan. Is it possible to use a FHA loan for wholesale properties? I would live in the property and do renovations (kitchen and cosmetic) and sell it in a year. I like this idea because I will not be wasting money on rent and also I will not have the time pressure related to the holding cost. Do you foresee any issues with this and has anyone done this before?

Currently I'm paying 1,900 a month for rent for my 1 bedroom apartment, I figured that it might be the time to start looking for a home. A multi family home will not work in my area for cash flow.