1031 is probably closer to flip model, but not sure the implications of the rules.
I feel like if my entire income stream was buying, renovating to improve value, and selling, and my spouse and I had a family income of $300k per year, and we could only get the income tax waived on $250k of that (me one year, my spouse the next), and thus were only paying income tax on one sixth of our income, I'd feel like I wasn't paying very much income tax.
Though. I mean. Currently I teach post-secondary for a living, so the idea of a $300k two-earner family income sounds like a dream, no matter what the taxes, so maybe my intuitions about the incentives of house-flippers are off the mark.