What taxes are involved when purchasing, ad selling a Flip?

[Ilan Friedman]

I am looking to begin flipping homes. As far as I know it can be boiled down to:

Purchase

Renovate

Sell

I would like to know what legal procedures and taxes are involved in the process, considering I am acting as a private individual and not as an LLC.

[Lance Lvovsky]

@Ilan Friedman

Flipping is generally subject to ordinary income tax rates and self employment tax.