Buy and hold or flip?

[David Lee]

I have been a buy and hold investor for about 12 years and would like to get in to doing some flipping. I bid on a property on auction.com and it is a 3/1 SFH that needs work and I have the winning bid at $8,000 dollars there $2,500 putting me in it at $10,500 if the bank excepts. I am wondering what are the things that you look for to see if would be a better flip or a buy a hold. If I flip I would mostly likely high end stuff then if I was going to rent it out. For example the floor would be a $1 sq. ft. or more for nicer floor. Any advice would be appreciated.