There is plenty that goes into flipping. But to be successful and profitable, takes some distinct characteristics:

1. There needs to be demand. Are other flippers working in the area or will you be the only one. Don't reinvent the wheel, flip where others have made money flipping. It isn't rocket science.

2. Are Days on market shortening or stretching out in the neighborhood. Obviously, you want areas with short DOM.

3. Are hard money lenders active in the area. They won't be if it's a bad flip area. Let the guys who risk their money help you focus on good areas.

4. Is there a significant amount of difference between what you can buy a fix for and what you can sell the finished flip at?

5. When you add purchase price, carrying costs for at least 6 months, materials, labor, real estate agents costs and taxes, do you have at least a projected 10% profit?

6. You can go to Redfin or Zillow and see the level of finish houses with short DOM have in the area, can you at least match that quality?

7. Now, with those out of the way, you can worry about the roof, foundation, sewer, HVAC, pool, etc, because these don't matter at all if you can't get the property sold.

8. Is the property under a high tension power line or down wind from the horse rendering factory or on a main thoroughfare or some other obstruction that you wouldn't want to live near? Well, others won't want to either.

You get the idea. Think before you buy. What is the end product of your effort and where is it located, how long will it take to sell?