Financing Flip and Rent

[Ross Bernard]

I've been digesting this site for about two years now and have recently become interested in flipping. I would like to purchase a property, rehab it, and then rent it. My question: From a lender's standpoint, what exactly constitutes a "flip"? My understanding is that it is not possible to get a conventional mortgage from a bank to finance a flip. But what exactly is a flip? Is it defined by a period of holding time? By the house being deemed uninhabitable? Can I get a conventional mortgage if I finance the repairs myself?

My long term goal is to have a portfolio of rentals, which brings me to another set of questions: Do any of you employ both flipping and buy-and-hold strategies? Do you think I might be better off honing my abilities in one strategy or the other instead of trying to become successful at both?