Flips - especially your first few - can be somewhat dangerous if you misjudge your expenses or run into unexpected expenses.  

After a month of staying in the unit, the Tenant calls me to tell me that they need to break the lease because he has to relocate unexpectedly.

Anything else is garbage and will be a disposable car at the end of its 10 year battery life or whenever it gets i a minor accident.

Before proceeding, ensure you have a comfortable cash reserve for unexpected property expenses and maintenance.Property Management: Decide whether you want to manage the property yourself or hire a property management company.

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.

A few things to consider when starting out:1) Be sure you have liquidity for the down payment, but also a healthy reserve account, since unexpected costs will come up while owning real estate. 

Unexpected

However, due to unexpected construction costs and delays, the project is now at break-even.

One of the obvious pros is that you don't have to watch the clock and worry about the unexpected extra charges, provided you stay within the agreed parameters.

Just make sure you set enough aside for capex, vacancies, unexpected insurance increase, taxes, tax professionals, and local considerations (excessive heat?