If we made a profit from a house we flipped and sold, what account/category should I record the profit to?

@qbteachmt revisiting an old question. The sale of this home happened before we had QB up and running. I'm just now going through and adding  it, what is the best way to record this? since we didn't have an asset account set up for this property and don't have any of the expenses therefore recorded in it, I can't process it as a WIP->cogs->sold. I mean I guess I technically could still create it as  a WIP, but it doesn't sound very fun since i've got so many other *already* sold homes to enter that I don't have receipts or bills for because they took place before my employment.

"The sale of this home happened before we had QB up and running. I'm just now going through and adding  it, what is the best way to record this?"

Debit COGS for the total invested

Credit Income for the sale price (it would be a bit more complex than this; work from the Closings)

Debit/Credit Equity for the difference

"I can't process it as a WIP->cogs->sold."

Yes, you can and should still post COGS.

"I mean I guess I technically could still create it as  a WIP"

There is no WIP for something Not in Progress.

You are on the right track! When you purchase something that will be sold, it goes into an asset account. For most, that would be something like Inventory Asset. Once that item is sold, it reduces the asset account and then splits between two accounts: Sales Income and Cost of Goods Sold. The difference between these two accounts is the profit. And yes, it still does go into your bank account too.
However, if something were purchased that were not originally bought to be sold, it would likely go into a different asset account like Fixed Assets (machinery & equipment, etc.) or Capital Assets. You still reduce that asset account when the asset is sold.
If you are dealing with depreciation, it gets a little more complex, though.
When equipment that is used in a business is sold for cash before it is fully depreciated, there will be two journal entries:
The first entry will be a debit to Depreciation Expense and a credit to Accumulated Depreciation to record the depreciation right up to the date of the sale (disposal).
The second entry will consist of the following:
1. Credit the account Equipment to remove the equipment's cost.
2. Debit Accumulated Depreciation to remove the equipment's up-to-date accumulated depreciation.
3. Debit Cash for the amount received.
4. Get this journal entry to balance. If a debit amount is needed, it is a loss on the disposal. If a credit amount is needed, it is a gain on the disposal.

Is this true for new construction to be sold? Lot cost, subcontractors, materials, due diligence fees, earnest money, goes into that Asset Account? Basically everything that is cost of construction goes into it? How do I "clear" that account once I receive the money from the sale?

Is this true for new construction as well? If we build from the ground up, all expenses including lot clearing, permits, utility charges and service bills, subcontractors, job materials, equipment rentals, due diligence and earnest monies, all go into the same Asset Account? How do I "clear" the asset account once I receive the money from the sale of the new home?

Construction in Progress (CIP/WIP) is Invested Asset until it sells. Then, the date of the sale you have Gross Income. You also offset WIP to COGS for that date, so that the Matching of Income to Expense just happened.

Please pardon my ignorance, how do I offset WIP to COGS? Does this automatically happen once I enter my gross income? 

We don't know which QB program is in use or How it is in use. I use Items for this, in QB Desktop, and the items I link to WIP includes the labor and service and noninventory products and services that I use in the estimate for managing the scope of the work to be done; for the Purchase orders and purchase details, to manage if the project is on track and on budget. And, on the Closing entry, which I do with a Vendor Name = Close WIP. You want to Job Track which project is now zero in WIP, and the offset it to COGS. I do this on a Bill, using that vendor name, using the two other charge items; the positive is to COGS and the negative is to remove WIP $. This gives me a $0 bill = just for the entries for job reporting, not an actual AP event and not a real vendor.

Question. I have a property I bought to flip and it did not sell right away so we rented it for over a year, then sold it. I am assuming in this example I still need to convert the asset to COGS to offset the sale price, and same goes with the depreciation as well, yes?