I have house hacked a few times now where we buy a foreclosure, renovate, then sell a house at the two year mark so taxes have not been an issue. We now want to flip a house on the side, outside of our primary residence. My wife and I both have 9 to 5 jobs and this is just a project and is in no way a business for us. We would only be flipping one house within a calendar year.

If we only flip one house, say in six months, within a calendar year, would I be able to file my gains as an "investor" and avoid the additional FICA taxes that come along with being classified as a "dealer"? I understand that I would be paying the income tax rates, but since this is not a business or job for us, and more along the lines of a hobby, I would like to avoid the additional 16ish% that comes along with the self-employment tax.

I have looked through many resources and can't seem to find a straight forward answer. Any help would be appreciated.