What happens when buy & hold becomes a flip?

[Sylvia B.]

We purchased a house last week that we intend to rehab and then rent. However, if someone wants to buy it before we get it rented, we are not averse to making a quick chunk of cash. So what are the tax consequences of selling a property less than 1 year after purchase?

The property is owned by an LLC,(not S-corp) and the sole members are Hubby and me.