Taxes on Profits from Flip w/ Partnership

[Brandt Moore]

Hey there, 

I'm about to close on a flip my grandpa and I completed. The house was bought entirely in his name (non-owner occupied), but we are splitting the profits 75/25 with me getting the larger chunk. 

Would anyone have any advice on how to either avoid or defer the taxes on the profits. I figured I'd ask here before consulting a CPA. In theory he would have to pay capital gains if he's not doing a 1031, which he isn't. 

Would he be able to give me my portion as a gift before declaring the profits?

Thanks for any advice!