Renovation and the capital gains trap

[Richwood]

Looking at doing a quick reno (is there such a thing we ask??) with a sale of the same within 6 months (ambitious, but possible).
We are D.I.N.K.S and going to do it with a friend who is a full time renovator in 50/50 partnership.
How does this place us with the dreaded capital gains tax?
What can be done, if any, to minimize this. Is it worth doing in light of duel incomes?
Your experiences....

 

[abcdiamond]

If you sell within 1 year, remember that you won't get the CGT 50% discount.