to read most of the property wholesaling books one would think that flipping a property is as easy as chaging clothing.i hate to be a spoil sport,but i nreality nothing could be further from the truth.

1) The improvements you make to you real estate (the premise of flipping or fixing up) must be what the market demands, otherwise you will find yourself stuck with your property or selling it at a loss.
2) Make sure you get your project(s) done on time and on budget. Otherwise you'll quickly start to erase your profits by making additional loan payments/rehab costs out of your own pocket.
3) Paying too much to begin with, or having a poorly financed project (bad terms).
4) The tax implications. Get educated about 1031 exchanges, and talk to a tax professional about the best way to plan your deal.
5) Thinking you know everything there is to know by reading books and discounting wisdom from those who have successfully done what you are trying to do. You will make mistakes if you are new to the game, but learn from them and from experienced flippers you'd like to emulate.