The "flying boat" or hydroplanes uses aerodynamic lift to hold the majority of the boat above the water so only the propeller is underwater. The most common type of flying boat are the ones with tunnel hulls seen here.
The basic idea of the tunnel hull is to have the center piece of the boat act as an airfiol to lift the boat up and reduce drag on the outside hulls. When designing a tunnel hull with an airfoil three things must be taken into consideration because the boat needs to be in equlibrium. First Drag needs to equal or less than the thrust, if the drag is greater than the thrust then the boat won't go anywhere. Second Lift needs to equal weight, if this does not occur then the boat will either flip over backwards or the boat will stay on the water.
Thirdly and also very important is the fact that the tendency to pitch about the center of gravity needs to be nonexistant. If there is a high tendency to pitch the likley tip over on one of it's axis'.
If all these things are true for a set velocity then the boat will sucecssfully begin to fly.