My first "Real Flip"

[Jeff Benson]

Hello all, I am a 33 year old Pipefitter that is laid off to much, due to lack of local work, I have to travel states away for work. Getting tired of it, been doing it 12 years. Its feast or famine in my line of work. At the end of the day real estate is my passion. I am wanting to purchase my first real flip. My last 2 homes were kind of flip houses. They were both full guts, all work done by me. I lived in them over 2 years. I just sold my current house and looking to buy a flip and sell it within 6 months. No staying in it. I will keep enough cash reserves to cover my bills for that 6 month time line, and possibly work a few long hour outages if they pop up local.

I do not want to get a mortgage on it. I will have 70k cash to get and rehab a property, with a line of credit if needed. I know thats not alot to get started, but I have lost so many houses in the past to cash offers, I want to have a little advantage this time. The houses in central Il are not very expensive compared to other parts of the country, property taxes are crazy high though. 

Im just at a loss on certain aspects of it. I would prefer the house to not be in my name, possibly an LLC? Am I going to be taxed with capital gains and self employment tax? Any tips or advice on this next adventure?