I havent flipped a home yet but have been researching it and have a book that I am reading because I may do one this winter if I can find the right deal. Finding the right deal is definately the most important part. Just remember that if you buy a place for say 100k you are probably looking at 5k in closing cost and transferring ownership. If you put 10k in to the house and say you carry the mortgage for 3 months then theres maybe another 2k. then you put it on the market for 150K (you need to make sure before you buy the house that it will be worth 150k after rehabbing cost) if it sells than you owe about 9k to the realator (s) and that would leave you with approximately 24k gross.
I think here in the north east you can buy homes for a little less during the winter months and sell for a little more than avg in the spring. So if I were to get a place in Dec and have it ready to show in say march, it could be a great way to make some money over the winter. Check out thisforum if you want to learn more about it.
Real Estate Investing Discussion Forum!