Live and Flip with FHA 203k

[Lavada Lindsey]

My fiancé and I are looking to purchase our first flip. Besides some minor repairs (it has a busted window and vanities need to be installed in one of the full bathrooms and the half bath...the half bath also needs a toilet). it is pretty livable. We would like to get those repairs done, move in and update the home. Updates would include granite countertops, hardwood floor in the living room and installing flooring in the Florida room. We believe we could make at least 60k on this house.

I would like to get a FHA 203K loan but what are the rules for this type of loan. Do I have to live in the property for a year before I sell it? Although I'd only put 3.5% down we'd still have a bunch of equity in the property. What should we do?