Avoid Capital Gains on a Quick Flip Project

[Michael LaMorte]

Hi Everyone,

Is there a way to avoid the significant impact of Capital Gains Tax on a quick flip and sell project?  I purchased a Triplex which I will be converting into Condos and selling each unit individually.  I looked into the costs and state (NJ) rules, etc for the condo conversion and am good to go.  I potentially could have a quick 40-50% gain in executing this strategy.  I want to take the windfall and invest it quickly into another investment property in an effort to avoid Capital Gains Tax.  However the only way I know to do this from a tax strategy is a 1031 Exchange.  Since I would only have this property for about 4-6 months I don't think I will qualify for the 1031.

I been looking but am unsure if there is anything else I could do to avoid the gain tax.  Thoughts? 

Thank you in advance!