It's based on very specific conditions, seller type, market, and other factors that are too involved for this format. 

A couple questions and thoughts that have came across my mind are below.Contributing factors: (My goal like most newer investors is to reach financial freedom)-Area: Western Suburbs of Chicago.

@Darshil Parikh Always do what your gut is telling you is the right (honesty & integrity) thing to do.

number, frequency, and substantiality of sales [this generally is the most important factor (Suburban Realty Company)]; See (c) below iv.

Then you need to factor in the cost to finance if you are doing so (ie. underwriting fees, closing fee, etc.), holding costs (utilities, property tax, etc.).

In my experience flippers make the quality of a city improve, but like @Greg H. said, there is the "you aren't from around here" factor at play.

If you purchased a property, significantly rehabbed the property and immediately sold it thereafter with the intent of flipping it, it will be subject to self-employment taxes.Regarding the taxes you will be subject toFederal TaxesState taxesDepending if it was a flip or not, also self-employment taxes.Speak with your accountant on the actual taxes that will be due as he/she will know what your marginal tax rates are.You can also factor in improvements / selling costs to decrease your gain / taxes.

Bigger Pockets family, is there a way to upload recent MLS Data to be integrated with the BP calculators? 

Nor does my own integrity necessarily mean that others will recognize it and want be good towards or fair towards me.Hard, but I suppose, important pills to swallow, and for that, I will continue to read it and learn.  

I did more research and thinking after I posted and I determined that I am likely eligible for the primary residence exemption on taxes which negates the capital gains factor.