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. 

[Alexander Felice]

Everything you see on TV is 100% accurate with no added fluff for entertainment factor. Everyone on BP makes 60k a month flipping houses. 

#sarcasm

It's a TV show Jordan. Its value is on par with Jersey Shore, and Honey Boo Boo.