This way they do not get hammered  by recapture depreciation and capital gains tax all at once.

So, you cannot be the handyperson or hardware store delivery clerk for your IRA's flip transaction.Flipping is also something that is considered a trade or business activity, and if carried on at a regular or repeated basis the gains from such transactions are subject to taxation known as UBTI.  

A few key questions you need to answer before going into detail:- What type of return are you looking for (cash flow or long term capital gain, or a mix of both)- What is your budget (cash versus financing).

I'm getting into wholesaling because i was a debt collector and the skills i gained from that job have carried over.

Seeking equity partners among other professionals for mutual gain.  

Think of this as a business just like any other business and of course you are going to do it to earn money either as cash flow meaning on an per month business or as a long term investment where you will be looking to earn capital gains, meaning your properties will be valued much higher as the future than they are the day you buy them or you are going to use a combination of the two strategies.

It appraised for $198k so I've made good gains in the rehab and use it to cash flow now.I also have a REO single family home that I have about $270k in. 

I feel that this will help me gain more knowledge about the business.

I would suggest partnering up with an experienced investor for your first few projects to help you get some skin in the game and gain some hands on experience.

The majority of people who go through weight-loss programs and actually lose weight seem to gain weight again after completing the program.