After months of reassemble and some customization work, the property sold for a decent profit.

As a broker in a wholesale market, I "buy" a loan from a lender at a discount and mark it up for my profit.

In southern Florida I fund and profit / loss is 50/50.

look for land with owner financing And I am sure you know this but location and safety will be paramount in the Jackson market there are simply areas the crime is far to high for this to be successful..

And would this be considered "capital gains" since it's re-sold under 1-year therefore having to pay a large % of tax on the profit?

A good deal won’t matter if your contractor delays the timeline, eating into profits through holding costs.

He sold that duplex last year, and cleared a 6 figure PROFIT. 

Well it looks like non-profits are exempt....So I suppose Dope Traffickers will just buy an ongoing concern non profit and operate that with ownership as an IBC (International Business Corporation) in some privacy haven, or Russia, or Yemin or somewhere (if those places have privacy laws???)

Best case under such circumstance is they find alternative financing and simply over paid for the property.good luck

Likely not allowed in the lease and if the landlord were to allow it they will partner with you and take a good chunk of the profits.