taxes due to selling a house you flip

[Michael Mastantuono]

I am constantly warned about tax penalties due to selling a house you flip. I created an LLC that I'm going to use to invest in and flip houses. I was under the impression that only the money taken out as a draw would be taxed at the highest rate and that the rest would be shielded as long as it is rolled over into the next deal. My plan was to use the proceeds from a flip to do two things. One to help fund the next flip and two as down payment on a small multi family. any guidance or suggestions would be appreciated. thanks.