LLC Taxes On Profits
I have just started an LLC with the intent of purchasing, rehabbing, and selling the homes. My question pertains to the taxes that I will need to pay on the profits. I plan on using a portion of the profits to purchase another property to rehab. The rest will be income for me and my partner. I know that with the LLC my profits are passed through to me to pay income tax on. Do I also have to pay capital gains taxes on the profits first? Or does it all get taxed as personal income? Any assistance will be greatly appreciated. I have not contacted a accountant yet but will do so soon. I am just trying to learn as much as I can first. 
An LLC does not pay taxes but members must report their income.
An LLC can be taxed either as a "pass-through" entity, like a partnership or sole proprietorship, or as a regular corporation. If a "pass-through" your income is not not separate from its owners for tax purposes. The IRS calls a "pass-through entity," like a partnership or sole proprietorship.
Income passes through the business to the LLC members, who report their profits or loss on their individual income tax returns. Each LLC member must make quarterly estimated tax payments to the IRS.
When tax time roles around, the LLC will file a partnership tax return with the federal government and any requisite state tax forms. If treated as a partnership for federal tax purposes, the LLC will provide to each member a Form K-1.
You should set aside enough money to pay taxes and you will be subject to the self-employment tax
You really should get an account for guidance.
[addsig]
Thanks for the reply. Your right, I should get an accoutant asap.