Taxes of flippin' a property

[Matt Brown]

I'm more interested in holding out and renting out a property than I am flipping one, but if I did find one for a good enough deal and managed to get rid of it fairly quickly, what are the taxes like?

I suppose there's 2 situations here. If I'm living in the house and live there a year and a half and then sell it, am I going to get hit hard with taxes? Or is that only on any profit I make from it?

Same goes for an investment property... Do yall tend to get hit hard with taxes?