You can find the FHA guidelines online, which are actually fairly extensive.  

It's been a topic mentioned extensively on the forums, podcast, blog, and in our webinars. 

This is my first project and a very extensive one.

My home in Pearl City is appraised in the mid $700s...2000sqft, 3/3/2 with studio extension...so I realize that my house is not the normal single family home...but I did buy in early 2000s so my entry price was low like yours. 

This property is 1.4 acres with a four bedroom, one bath home in need of extensive renovations.

As you can see per the attached images the damage to my front stairs is pretty extensive from the mortar and winter salt.

Rural Development loan with a 15 day extension if needed.  

Going through all of this, I had to get an extension from HUD (no small feat) and  I thought I could use transactional funding to do an A-B, B-C (HUD to me: me to my LLC) and set it up using a proof of funds letter from iflip, and a letter from COGO (lender)I thought I had done a pretty good job of resolving everyone's concerns.  

The deed restrictions and financing restrictions are an extension of this, they are not the only controls in place to stop illegal flipping, but it is where these rules originally came from 

The site is very slick and the information provided very extensive (slightly more so than the competition)  - on the whole impressed with the process and communication from the team.