Limit Taxable Income on Flip Property

[Tyler Davis]

Hello!

Looking for ways to limit capital gains on a flip property.... someone mentioned to me that you could do this but never heard of it before....

PP: 30k

Rehab: 20k

Holding Cost: 5k 

All In: 55k

ARV: 100k

Could I cash out refinance this property and pull 80k out, and wait three months(seasoning for lender) and then sell the property for 100k to limit my taxable income to 20k instead of 45k?

Are there any cons to this method?