Oh yeah, don't use plywood now. I assumed you had a wood subfloor. Concrete is totally different. So the Planipatch specifications say do not us over asbestos tile. But that is probably just because they have to cover themselves for liability and suggest you have it removed by professionals. People use it to cover normal lino all the time. So yes, if the lino is securely attached, I would cover it all with Plani patch and then you would be fine to use any flooring you want. For the vinyl plank you won't need any further underlayment. You have to work fairly quickly with the Planipatch and mix properly. Use the "milk" or bonding agent in proper amounts. But that should give you a nice finish fo whatever you want for flooring.
One thing though is that vinyl plank flooring is somewhat prone to water damage. I used it in several apartment bathrooms and some of them got water underneath and bubbled up. It's totally water proof but if people dump lots of water on top or the toilet floods or something it will find its way undeneath and cause a problem. If you are flipping, it will likely do the job. It's much easier to install than tile. However tile is likely (or can be) cheaper, looks better and lasts longer. Might be worth a try since you will have the perfect sub floor.
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