Why don't more people flip?

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With all the shows on TV, and all the hype around this type of career or whatever you want to call it, it makes me wonder why more do not take the plunge into flipping properties. I might be asking this question because in my city there isn't much of this going on.

I have come up with a few conclusions, besides the obvious financial risk , why more aren't indulging in this type of career, but I would like to hear what everyone's opinion is...

DC