@Patrick Philip - As a contractor, I concur that laminate is more popular these days. We have installed a lot of this in the past couple of years. You do want to consider the trends in your area though. It may help you to go around and look at the competition as @J Scott mentions. If you don't do your homework, how can you expect to be good at it?
As for standard interior colors, once again look at your competition, and get to know people in your specific area! When I lived in Denver, I was successful with vibrant colors. Now in Winchester, VA, I am finding a more neutral, toned down color would do better. It's all about your market, and knowing it like the back of your hand.
Best of luck on this flip! You need to put your work in though!
@Account Closed - Great point about following HGTV for the most current trends! Plays in to the consumer market very well. I just hate they finish every house in an hour, makes the customer think the same will happen....LOL