Can someone explain the difference in these 2 terms?

Depends on the context of how it is used. A flip is instantly rselling a property for profit in any condition. You can wholesale the property,assign the rights,partially fix it up,or completely fix it up for retail profits.

Same thing with rehab as you can rehab at many different levels to target different buyers or hold long term.

Like I said it depends on the context.

People use the term "flip" very loosely. It can refer to flipping a contract, or flipping a property by buying and immediately reselling, or buying, rehabbing, and reselling. No one has ever given me an accurate legal definition, and most people just use it as short for buying and reselling relatively quickly.

_________________________
Brian
Rental Agreement

the term "flip" refers to the transactional/business side of the transaction. no fixing/rehabbing have to happen, while a rehab means you fix the house (and as mentioned above it could be to many levels)

There is no "legal" definition. I have flippers that get the property under contract and have it sold prior to close and double close it (wholesale). Other clients will buy it, put in repairs and resale it quickly. Others will buy it, do extensive rehab work and resale it quickly. To me they are all Flippers.

To me the term is generic meaning we want to make alot of money in a short amount of time, with minimal exposure. I always ask the potential client what they mean by "flipping".

You can flip without rehab. You can rehab a property and instead of flipping, to rent it. This is two different thinks.

I think in most cases the buyer of a flipped property would be an investor, where as the buyer of a rehabbed property would more likely be an end user/owner occupant (though it may be a landlord)

Flips usually occur in a short amount of time as indicated in earlier posts.

Sometimes people assign a contract (buyer would be Bill Jones and/or assigns) That might be an indication the buyer wants to reserve the right to sell his contract. Basically, acting as a deal hunter for other investors who might not have time to do the looking.

my 2 cents