In Illustrator, there are so many different ways to get a specific look, whether it's using the default tools within the software or even using third party plugins. Sometimes you think you need a plugin when you actually! Let's learn about a little-used tool like this: To make a flipping effect, which can be made using a text or any other kind of shape, we'll make some basic transformations with a tool that not many users are aware of, the "Perspective Distort".
To make it easy to demonstrate how this effect is made, I will be using a simple number instead of a more complex object, but you are free to use any kind of object or text you want as long as that text is converted to a path.
Open Illustrator and make a new file at any size you want. In this case i will make mine at 1800 x 1200 px.
Select the Rectangle Tool (M) and draw a rectangle covering the whole artboard with any color you want. In this case, i will set the color to black.
Using the Type Tool (T) type your text. In this case, i will simply use the number 3 and with the Raleway font at 500 pt but you can use any font and type any text you want.
With your text selected, go to Type > Create Outlines.
Select the Free Transform Tool (E) and from the secondary toolbar pick the "Perspective Distort" tool.
Click and drag the top right anchor point down as shown.
Go to Edit > Copy and then to Edit > Paste in Place.
Drag the copy of your object to the right.
Pick the Selection Tool (V) and drag the middle left anchor point of the copied object to the right as shown.
Select both objects and go to Object > Blend > Make.
Note: In this case, 2 steps are ok for demostrations purposes, but you are free to add as many steps as you want.
Go to Object > Expand and click OK in the Expand window.
Go to Object > Ungroup.
Apply a Gradient Fill by clicking in the Gradient icon of the toolbar.
Move the objects to the right to make a transition you like between them.
Select all objects and go to Object > Transform > Reflect. Select the Vertical axis and click the COPY button.
Lastly, simply move the copied objects to the right.
As you see, making a flipping effect is very easy, and you can use this technique with any kind of object you want. Later, you can also change the colors simply by editing the gradient fill.