How do you handle flipping houses

[dr58lj15]

I have a client that is planning to flip houses.   My thoughts are that he purchases the houses, keep up with the expenses to repair and refurbish to increase the basis.   Does anyone have other suggestions.  We do know there will be capital gains involved. Would you enter this information on Schedule C as a business called flipping houses?

[BobKamman]

No, there will not be capital gains involved.  There may be ordinary income, or ordinary loss.  Keep track of the cost of inventory, report its sale when it happens.  

[Just-Lisa-Now-]

if you google  

how to report house flipping income expenses

you'll find tons of information explaining how this is done.