@Tareq Salaita Yes.@Christopher Phillips is totally right. 1031 exchanges apply more to buy-and-hold properties, which are the income-producing properties from the trade or business.
In your case, the flip home is treated as inventory, which you buy and sell less than a year. So, you cannot use 1031 exchanges if you sell it right away. In fact, if you want to use the 1031 exchanges and not pay tax on the gain. You can turn the home into a rental home, refinance it to draw the money out, keep the home for 2 years, and than do a 1031 exchanges.
To the best of my knowledge, the IRS has not specifically stated how long you need to keep the property in order to qualify for 1031 exchanges. But the norm is 2 years, and my CPA firm suggests the same thing.
Hope this helps.
