House Flipping tax strategies/tips/loopholes?

[Morgan Ross]

Hello BP world,

The big picture of real estate investing is brand new to us. However, the idea of flipping is not. We have come to the conclusion that flipping is going to be the best way for us to join the REI community. We are lucky enough to have the knowledge and skill set of construction, inspection, and cost estimation. BUT we know when to admit we don't know something and need help. So that being said, we are wondering if there are different types of strategies/tips/loopholes that would reduce the amount of taxes that would need to be paid after the sale of a flip. Are we out of luck unless we do a 1031? Would starting a corporation be helpful?

Thoughts and feedback would be greatly appreciated! Thanks!