Flip or Flop show really that accurate?

[Jordan Williams]

Just watched this show with my wife last night. It made me think of the quote the rich get richer but I'm still pretty skeptical. The show basically went as follows:

If you have 300k cash to spare go buy a foreclosure/auction house that needs work

Higher a contractor to fix it up for 40k

Sell it for 400k 30 days later

I'm super skeptical about this process. Does anyone have any thoughts on the validity of this process? 

What are some things to look out for/red flags that they are making it seem easier than it actually is.