Just amazing...I'm at a point where I've recently gotten married, am currently in school, but feel that real estate is really the (broad) career that I want to move in towards.

You have come to the right place to connect with the wide array of real estate professionals and investors.

Honestly, I would highly recommend reading the book "More Than Cashflow: the Real Risks and Rewards of Profitable Real Estate Investing" by Julie Broad. 

My long term goal is to have a broad portfolio of investment properties and to continually grow and learn in the industry.  

You cannot make a broad statement as some investors invest in appreciating areas and have less cash flow and others invest in lower income areas and rely on cash flow but not appreciation.

Your question is very broad.

The reason I bring all that up is, your question is exceptionally broad.

You really do need a good CPA, but to answer your initial question in the most broad terms:Income from flipping, whether it takes less or more than one year is generally "regular income" and not tax advantaged.  

People often give very broad advice, so I'm going to get very specific on the exact action steps that I would take if I were in your shoes.I would recommend that you listen to all 115 podcasts from start to finish.

And to come up with a solid contract, make sure that the wording are not broad, not a "boiler plate" language where it could be interpreted a million different ways.Cheap, Fast, Quality.