"Bruce, a telecom manager in Los Angeles, walked away from two deals in Port St. Lucie earlier this year. He had flipped half-a-dozen properties from L.A. to Arizona, making from US$75,000 to close to US$200,000 on each."
Lets say he made $125,000 per house on average. For six houses, he made $750,000. Even if he lost his deposit over two (article says $1,000 per house), he is still ahead by more than half a million. Not bad.
Not bad for his pocket. Not much good for anyone else that I can see.
How much of that did he pay in taxes?