1.) Conventional Financing- No Flip Rule Applies
2.) VA Loan- No Flip Rule Applies
3.) FHA- If less than 90 days and the new sale price exceeds 120% of the previous acquisition, a second appraisal and sometimes a Home Inspection will be required by the lender and the Buyer CAN'T pay for it.
4.) USDA- No Flip Rule Applies
Investors have been actively buying distressed properties throughout California, sprucing them up and flipping them for profit.
If you plan to get an FHA loan, they also have restrictions in buying a flip home. They may require that the offer be made 90 days after the home was purchased by the flipper and have you pay for two appraisals to substantiate the value. In addition the flipper may need to demonstrate that the 'profit' they are receiving is within a 'reasonable' range after costs.
Your buyer's agent can help you if you want to make an offer on a flipped home.