I'm no expert, I've actually just finished my first flip. You can read more about that here.
These are a few words of advice from my experience flipping. Would love to answer any questions also.
1) Invest in a keypad lock on the main entrance door. This is a life saver when you have people stopping by to give quotes/estimates. Once work begins, this also makes it easy for contractors to come in/out of the house without having to worry about a door being left unlocked, key misplaced, or running over to let someone in. Amazon or Lowe's has them for less than $100. Some of the more advanced have multiple codes so you can give people their own codes. Mine wasn't that fancy.
2) Invest in a deer camera (trail camera). This is a small digital camera that you can strap on a tree that will snap a picture when motion is detected. Mine was pointed at the driveway/carport. They make some that will text you pics immediately, mine was not that advanced. I would check the SD card once a month and pull the pictures off. This gives you a good idea of who's coming/going, etc. I had a painter who wanted more $ because it was taking "longer than expected". Pulled the pics off the camera and 50% of the time she was supposedly painting, I had pics of her sitting in the driveway playing on her phone. This also gives you some peace of mind to protect your tools, contractors tools, and help solve any theft related issues that may arise. Thieves are attracted to job sites.
3) Rent a DUMPSTER! I probably spent 20 hours to/from/at the landfill hauling off debris from inside the house and from the yard. Instead of spending the $500 on a construction dumpster, I spent probably $1,500 in man-hours and fuel hauling trailer loads of crap to/from the landfill. I will know better next time.
4) Get LOTS of quotes and TALK to everyone. I had some estimates that varied by less than $100 and some that varied by as much as $5k. Most contractors know other contractors they like to work with. I asked my tile guy who the best painter was, I asked my painter who the best roofer was, etc. These guys know who shows up to work and who the best at their trades are. Almost all of my subcontracts were a direct recommendation from someone else.
5) Check in and check in often. A number of times I stopped by the house at lunch or after work and caught a problem What you have in your head and what the contractors hear you say may be two different things.
6) Meet the neighbors. I had great neighbors at my project. I even did an "open house" on a Sunday afternoon after the project was complete to let the neighbors see the finished product. I posted the before pictures inside the house on a board for the people to view. This helps find a potential buyer, spread the word that you flip houses, and give your name a good reputation in the community for being open and friendly. This also allows you to get free feedback on your project from the general public who are usually pretty honest! Family and friends will sugar coat things sometimes.
7) Don't be CHEAP. In flipping profit is king, but sometimes going the "extra mile" to fix things right really make a difference in the finished product. The cheap route isn't always the best route. I think about it like this: What if I was selling the house to my grandparents? Would I want them moving in somewhere with shotty wiring, or hidden problems behind the walls? No. I would not. I had a few opportunities to save a buck, but spending the money ended up creating even better results. I upgraded the windows, added granite, and swapped out every single door and door hardware throughout the house. Those 3 things cost a total of probably $10k but added $25k in value (in my opinion).
