The only option ARMs I ever did were for very high income people buying very expensive (several million dollars) properties as a primary residence, or were continually purchasing investment properties that were none to cheap either. And those, while not true "flips" were short term holdings.
That's the majority of mine too. Or transient people who want to own a home but won't live there for more than a year or two. And in three years, I think I've done maybe 7 of them.