If you're flipping as a business, the properties will be considered inventory all costs -- the property and the renovation labor/materials -- will be considered Cost of Goods Sold (COGS). 

It will make certain materials dramatically more expensive.

I recommend you just study for free online, and network with different agents in your area.Just learn from free material online until you have enough capital to take action 

The material isn't much, the labor I do, and the effect at the end is something people say they love.

Then subtract the cost of materials, cost of labor, holding and closing costs, the flipper's profit and of course your wholesale fee (about 7%).

Many older areas of the country still use lead pipes so it is hard to prove who did what wrong, if you only recently purchased a 100 year old home and did not know what material the water line was.  

Here's an example of one way I do deals with those who want to make sweat equity: I will buy the place and provide all materials for repairs and remodeling and pay all carrying costs.

If your study material has practise questions, do them as much as you can on the basis of concepts.

Do not conceal or misrepresent material facts or the state of your finances to vendors, creditors, or other outsiders.Fund your LLC adequately.

Building technologies and materials will be evolving as time goes on.