To BRRRR or Flip, that is the question...

[Charlene Placko]

We bought a place about 2.5 hrs from us. 340k. Spent about 50k in the past six months to fix it up. Our mortgage is about 1600/mo on the 340k.  We could probably rent it for 2200 pretty easily.  I think I could sell it for 585k.  We were planning to flip it but are worried about taxes.  What are taxes on a flip?
We would love to keep it and I think a second might be the best option to pay off the repairs and lower the monthly payments (credit cards are getting maxed).  We got a great rate on our mortgage so mortgage gal thinks a second is best.   Then rent for a bit?  But I need to convince my partner it pencils out. Any ideas on options?  Worried the markets gonna slow down soon and it won’t appraise at 585k if we refi’d in a year... prices have shot up like crazy in the past six months!!  Also afraid we won’t ever be able to afford another place with the way property has shot through the roof here.   New at flipping and renting...