How often do you actually LOSE money on a flip?

[Andrew Taylor]

Doing a little soul searching on a long road trip this weekend, and it occurs to me that I'm afraid of failing at flipping houses. My question is, should I be afraid of actually losing money? Or should I be afraid of not making as much money as I expected to? It's a subtle difference, but a meaningful one. I've got lots of background in the industry, and completing the projects doesn't worry me - but accurately predicting ARV's and therefore expected profit concerns me quite a bit. Just wondering what everybody else's experience has been. Thanks in advance for your input.