An easy flip at 7-10% return might be more lucrative than a larger project that takes longer and more chances for cost over runs. 

That being said, anything can happen, but if you run your numbers accordingly, make sure that your contractor is trusted and do all the other stuff you'll be a little more protected than the next person flipping that does not do this type of calculation. 

A quick internet search led to quite a few complaints by people claiming to be ripped off, had deals fall through, or simply getting the run around each time. 

You can learn about demand, running an airbnb, and all the moving parts.

The 1% rule is best only used as a quick and dirty evaluation used to pick which property you plan on running additonal calculations on.

I helped around the house, helped them with getting around, running earnings and making dinners.

For me just too much work.. as I stated its a specialty niche.. plus putting the deals together can run 100 to 250k in consultant fees up front. 

I run a full time flipping business, right now i am able to do 2 homes at a time.

I have over 30 years experience in operating office buildings in NJ and would be will to run the operating arm of these investments for a % of the deals.

Most mortgage companies will not call loan due if payments are current but you do run that risk and need to be prepared to payoff or refi at a moments notice.