taxes on fix & flip

[Joe Sadusky]

Hey BP!

Have another tax related question that I'm hoping someone can help me out on. 

Up to this point, I have done Buy & Hold on all of my investments so I am not sure how taxes work (aka capital gains) on a fix & flip bought and sold within a year period.

A family member is exploring buying a fix & flip property thru a renovation loan (conventional). 

She currently does not have a house and would be a first time home buyer and is trying to keep all of her options open (quick flip, buy & hold as a rental, or occupy the property for a short period). 

Would it make more sense for her to hold onto the property for the 2 year period to avoid the capital gains? 

How would it work if she were to sell before the one year mark? 

As she is trying to weigh her options, I am trying to help advise how the transaction could effect her come tax time. 

Thanks in advance for any help!