Buy a light flip if you had to hold it 7 months?? pitfalls?

[Carson Wilcox]

I am pursuing a property... It has been on MLS for a bit... they started it WAY overpriced... now it has missed the spring and summer window here in Norcal... and has languished with MASSIVE price drops... It is a bit beat, which is odd for my market. They sodded the backyard.. and barked the front with some plantings... but left the tracked out carpet... and stuff and garbage on the property.

I am confident I can sell it for easy $100k over what it is listed for... in May... with just some flooring and general clean up...  But I would have to sit on it a bit longer than I would like.  Besides the interest and insurance cost to hold... what are my pitfalls? 

I would likely 20% down it with my heloc and conventional finance it...

Have any of you done this?  Thanks!