Apartment flipping and what I learned from it

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Hi guys, I want to present you a flip my dad did years a few years ago because it was a killer deal  but had some problems all long the way so was very instructive. 
The apartment:
About 120,000 sqft. 3 bedrooms, 3 bathrooms, large terraces

The numbers: Purchased for 800K
rehab cost: 500K
I don't know about the holding cost
Sold for: 2.7 millions 

First, the funny thing is that my dad didn't plan on such a high number about the After rehab sale; He was planning to sale the apartment around 1.9 / 2 millions; but have been told by several agents that the apartment was worth more. At first we didn't want to sell the apartment on the short term, wanting to live in the apartment for a while; so we anyway listed it for sale but at such a high price, we couldn't refuse an offer.
It's interesting how the high end materials used  impressed buyers; they really got emotional. So sometimes spending additional $ for a premium product can be very worth it!
However the deal wasn't easy to execute, here are some of the challenges.

- Choose the good contractors: even though it wasn't his first deal, it was the first that required such an amount of rehab; therefore choosing a whole team of contractor and manage it on a daily basis was very challenging; The work took a very long time (almost a year), I believe we should have planned and organized it before diving in.

- Some challenges with neighborhoods: We wanted to a verranda to add to the living space, but needed authorization of all the apartment's owners of the building. this was also very challenging, thus crucial in the value of the property. It delayed the project for a while.

- Finally the main error we did was not to plan for taxe purposes. Because the first exit strategy was to hold for while and sell after few years, we didn't do what was needed to reduce the tax for short term profit. we ended up paying about 400K of taxes on the profit!! I can tell you my father learned from it and doesn't neglect tax anymore XD

Hope you can get something from this, if you have questions please feel free. Here are some pictures: