Forget everything you have ever heard about the tax advantages of investing in real estate. If you are a serious flipper, meaning you intend to do several flips a year, you will not be able to take most of the tax deductions and benefits. That is because you are not an investor, you are someone who buys at wholesale and sells at retail, just like Wal-Mart. On the other hand, if you do one flip every year or two, you can probably still take advantage of the normal tax breaks. Specific tax issues are addressed in the following questions.