It is possible, but very hard. Most banks are requiring that you hold the property for 30-90 days. It's best to just do a fix and flip, use transactional funding, or buy and hold. That is what I'm doing minus the transactional funding.
Also some states won't allow short sale same day flips. Colorado is one of them if the Colorado Foreclosure Protection Act Applies.
It's really dependent on the lender. I recently wrote Wells Fargo (one of the banks that require 90 days) a letter acknowledging my intent to flip within 90 days and that the property is going to be rehabbed. I'm not sure if it'll workout, but worth a shot.