First time flipper

[Daniel Rodriguez]

Good evening everyone, so I currently have $150K to invest in my first flip. I just wanted to pick some brains to see if I’m think about this the correct way or is there something I am overlooking. 

$150,000 to invest

Buy a fixer upper for $200,000, put $40,000 down and I figure another $10,000 for 6-7 months or mortgage payments. So that leaves me with $100,000. I figure (complete made up number) let’s say $80,000 in renovations. I’ve done my research and say I can sell the house for $350,000. I would make my $150,000 back and make $200,000 but after taxes say $150,000. Does that sound about right or is there something I’m overlooking. Looking for some mentorship here or experience advice here. Thanks