I know the definition of "REI" can be very broad.

It appears that knee-jerk legislation like Dodd Frank is written quickly and overly broad, without regard to the unknown effects on the innocent.

About 50% are complete tear downs, 25% need $10k or more work (doesn't sound like much, but you can build yourself a brand spanking new cabin for around $100/sq ft), and the other 25% is over priced.We flip these cabins to include amenities which a guest may require, and we try to appeal to the most broad demographic for that market.

The closer to Broad Street (and the Broad Street Line) the more desirable in most cases.

Evanston is a pretty good area, C+ to B- properties if I had to paint a broad stroke.

Also, there are companies that lend to Start-Ups so, you will not have to carry the baggage that may come with the purchase of an established company.You can apply for your Dunn and Broad Number yourself as well as apply to your States Secretary of State for an LLC or other legal business entity entity. 

I know there is a huge spectrum for what tax you will owe on a flip but can someone provide any guidance on what rule of thumb I can use when modeling my profit on a deal?

Also, your question is way too broad . 

Though the property is outrageously expensive, the coastal areas are always in demand, there's a strong broad based economy, and qualified tenants and/or buyers. 

I realize this is a broad question and I’m not putting it on you to do my due diligence.