Taking the risk?? House Flip!

[Sierra Thompson]

 I would like information on what all exactly entails when you flip a home? What all should I fins out before I purchase the house. I know to see if it has water damage or if its in a flood zone and I know to look for a few other things as well. I m looking to get some advice from someone who has already flipped a house, what troubles did you have and what do you recommend to look for before purchasing the home?