Flipping and 1031 Exchanges

[Marshall Secord]

Hi BP, close to two years ago I quit my full time job and started flipping houses full time. I have not yet encountered a tax year where I've had to work through and claim income for flipping, but that is coming up in a couple months. I'm wondering if anybody has tax strategies they can share. I keep hearing about 1031 exchanges, but I'm finding that flips typically can't qualify because I need to hold the property as an investment for two years and then my profits from selling need to be held in a 3rd party account until the purchase of a new like kind property. Is this the case or is there some kind of work around? Additionally, I will be trying to deduct everything that I can as business expenses. Are there any other strategies or loop holes out there that can shield me from Uncle Sam?