Is a live-in 2-year flip really a thing?

[Lam N.]

To understand where I'm coming from, read this other thread I started.

https://www.biggerpockets.com/forums/67/topics/445...

I did a google search for live-in 2-year flip, and the only things that show up are articles talking about buying a place, pay contractors to fix it up, put it on the market ASAP, and pray you at least break even.  There's really almost no one talking about live-in 2 year flip, which now that I've been thinking a lot more about makes more sense to me for those of us who don't have millions of dollars to invest in real estates.

Our strategy is this.  We would both have our full time jobs.  During the 2 years that we live in a house, we would slowly but surely fix it up with our own labor.  So, the only things that will cost us are material costs.  When 2 years are up, we put the updated house on the market.  Why 2 years?  To avoid capital gains tax.  I'm already paying 30% in taxes from my day job.  Any capital gains I get before the 2 years limit would surely also be 30%.

To me, this makes perfect sense.  We're not really risking anything.  There's no carrying cost involved.  Why?  Because we live there!  There's no risk of a flop.  Why?  Because if we can't get it for a profit, we can just stay there.  We would both still have our full time jobs to fall back to.  And 2 years is plenty of time to do almost everything ourselves.

What is wrong with this strategy?  How come pretty much no one on the internet is talking about this type of strategy?  How come everyone is busy talking about the way property brothers do it?