"in less than 12 months."

Exactly. The carrying costs alone, from 2010 to current, would kill any deal. And that's why, in that interim, either this house sat empty, or it had some use (status) that isn't being explained here. "Flip" isn't "I'll buy it now and sell it in the future." Flip = a quick turnover, and calling this Business Loss means there are some activities also not explained here, such as rental or perhaps multiple properties were flipped, while this one malingered.