Personal residence flip?

[Ken Catron]

I own a home already. My friend does not, but we are interested in flipping a house. Would she (we) be able to buy a house in her name with 5% down with a conventional loan, remodel it, and then sell in 5 or so months? I guess the questions I have are: 1. If it’s conventional and not fha, do you have to live there? And If so, for a year lIke FHA? 2. Short term capital gain tax is under 366 days owning the asset right? The goal is to do a flip without putting 20-25% down if that’s possible. Just trying to think of ways to make that happen. All feedback is appreciated, thanks!