I don't know if I would say that they are illegal.  There may be a perfectly legitimate reasons to buy and re-sell property quickly.  But, I do think that a flip has the potential to carry a fraud along with it.  As a title agent, I just stay away from anything that looks like a flip.  Many agents have probably been caught up in an innocent looking transaction, only to find out later that someone committed a fraud... and "the agent should have known." 

Best,
Robert A. Franco
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