OK here are my newbie questions

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What is Flipping? Is it the same as buying a reasonable house/foreclosure, fixing it up and selling it for more than what you paid for it?

Is it hard to get foreclosures considering that everyone is in there trying to get the same thing?

Can flipping be just as risky as buying a regular home, fix it up and rent it. What if you fix it up and you have a hard time renting? Where do you find renters in a decent amount of time considering while you're fixing up you still have mortgage, gas/electric, water, and home owner's insurance MONTHLY?