A few mistakes could turn flipping into flopping.
1. Not enough money. Real estate is an expensive proposition, from the acquisition cost, repair costs, the carrying cost, and the selling cost.
2. Not enough time. Making money at this requires the property turned around, back on the market and sold with a reasonable amount of time. Everyday you keep the property is cutting into the profit margin. You would need to be there too to supervise and make sure things are done correctly the first time.
3. Not enough skills. If you have to hire out every detail and you have no skills then I would not recommend you attempt this venture because you will run out of or lose money. 
4. Not enough know-how. You will need a knowledge of the construction process, how do deal with contractors that are doing the jobs you don't have the skills to do. and some job staging skills. 
5. Not enough patience. You have to do a good job, anyone can spot a bad job. Also when dealing with people you cannot gather honey by kicking over the beehive. 

Bottom line, flipping requires Money, time, skills, know-how, lots of patience, and a Great Realtor that has experience in this.

Daryl Short / Realtor
Licensed Real Estate Broker
D.W.S & Associates Real Estate llc