fix and flip taxes

[Rocky Verteramo]

Hi guys! So, I am new to the real estate business. I was getting excited about the whole fix and flip aspect but with taxes and confusion of it I'm not sure I am ready without a little advice. I will be meeting with my lawyer next week but in the mean time I was hoping for some clarity here.

1. If I flip a home and make a $10,000 profit, what would my taxes be? I know for my long term rental that i currently have under my personal LLC, that income just flows through to my own income and I am taxed once on my income plus my rental income. Is it way more that just that when it is considered a flip?

2. I am considering doing fix and flips with a friend of mine. I will purchase the home in my name in cash, as well as fund the renovations. He will be taking care of finding the deals, negotiating, watching over the reno, and find / deal with a new buyer. We will be splitting profit after additional costs 60/40, with my cut being 60%. At the end of the year, I will then be assuming taxes on the 100% though, right? To avoid this can we find out what taxes will be on it ahead of time, then take that into account before splitting the 60/40?

Thanks guys!