If you used a quitclaim deed to remove someone from your title, FHA does not consider that a sale and will not subject the property to flipping rules IF one of the original owners retains an ownership interest in the property after the quitclaim is recorded.
Related Article Title: FHA – 1031 Exchange & Flipping Requirements Question: I have a property that transferred title on 05/16/19 due to a 1031 Exchange. Is this considered a flipped property since it was transferred to a corporation during the exchange? Answer: FHA does not address your situation directly in the guidelines. However, they do discuss […]