Major mistakes a newbie might make besides calculations

[Sean K.]

Can anyone tell me what major mistakes a beginning real estate investor might make in addition to the calculations?

If I get the flipping calcs done correctly (no pun intended), what else do I really need to pay attention to, especially doing my first investment?

Contractors, inspections, legal paperwork, etc...?

[Thomas S.]

You must have a contingency fund. Flips are prone to both surprises and project creep. Build in a minimum 10% extra for overages.

Does not matter how accurate you may think you are with your calculations every project goes over.