Fix and flip tax help!

[Michael Bieler]

Hey guys hope someone can help me. I am flipping a home, which It is to my understanding that I can not 1031 it. I'm curious as how I need to structure/ save for taxes on the sale. Here is a small run down, I formed an LLC in Indiana (where the property is) purchase with renovation and closing was $122k. Hard money lender is costing me around say $6000 interest only for this loan. Hoping to sell for $195k. Assuming 6% realtor fees and closing costs for selling estimate another $20k expense. Let's just say $45k net… how will I be taxed? A few friends who flip say I am not considered a "dealer" as this is only 1 flip so would I just be taxed as short term gains of 15%? If not,am I taxed as regular income ? I believe 24% tax bracket, plus NYS 6.25% (or would it be indiana ) plus a 15.3% self employment tax? Seems very high! If that's the case how can I minimize this? I have seen that opening a self directed IRA would help slightly. Depending on what you believe I would be taxed, Another option would be to throw a mortgage on the property and rent it out for a year, and THEN 1031 it. Let me know your thoughts! Thanks!