House hack flip with an FHA loan?

[Tom R.]

Is it possible to do a short term flip / house hack with a FHA loan? One of the houses I'm looking at is a potential flip opportunity. If I do most of the work myself with the help of some friends and some beer and pizza I could see me making approximately $10-20k. Which I could then roll into another house. It doesn't need a lot of work mostly paint, windows, updated appliances and a couple of rooms of flooring and some landscaping. All of this I could do with help in 3 or 4 months. Unfortunately this would tie up all of my investment money until I could sell the house. I didn't get into real estate to flip houses my goal is passive income but $20k in a 4 months could really speed up my investing. That's most of the down payment for a buy and hold. If I could buy with an FHA loan and quickly flip it not only would my money still be available to purchase my next buy and hold and when it sells I could buy another buy and hold. Two buy and holds in the same year would be awesome at this stage in my investment career.

On the other hand the cash on cash return on this house would be around 20% if I decided not to flip even with a conventional loan.

Sorry about the rambling I really am of two minds about this. I hope you could follow my train of thought. What do you think?  Is an FHA flip even legal? Should I flip or buy and hold?