Currently own rental property, looking to try fix and flip!

[Leonard Smith]

Hi BP,

I recently acquired my first rental property and things are going well thus far (let's hope it stays that way)! I have a solid team of professionals by my side and I am now looking to flip a few properties to generate extra cash to purchase additional rental properties. Furthermore, I would like to compare and contrast the process of the flipping business compared to rentals. 

I am currently looking at flipping a 3 family property. I am not sure the scope of the project as the listing agent did not provide any interior photos. This lead came directly from an agent who did previous deals with my realtor. I am set to view the property in the upcoming days and will move forward or reject this property depending on the scope of the work. Starting out, my goal is to find a property that simply needs cosmetic work.. kitchens, bathrooms, flooring, siding, appliances, landscaping, etc.

Can anyone provide some advice for getting started in the fix and flip business?

What are some common pitfalls to watch out for? 

Are there any key indicators to be mindful of when doing my market analysis and financial? 

How to manage a project when working a full-time job?

All responses are welcomed and appreciated!

Thanks,

Leonard