Does this house flipping technique work?

Person A with good credit (680) gets a loan for 3 properties. Person B (agent or broker) pays mortgage on properties for a year, makes repairs and upgrades to raise equity. We then either sell properties, or refi at which point houses are no longer in person A’s name, and person B pays person A 20% of the profits. What are the risks? What are the tax ramifications? How would a refi work to person A’s advantage after the year?
So basically the repairs and upgrades raises the equity of the home, Person A sells to Person B at the original purchase price so Person B makes his money by then selling the house at a higher price?
I guess my question is how does Person B benefit from actually buying the property from Person A in a year after paying mortgage, making repairs & upgrades?

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