Flipped first house last year and I enjoyed the process....and I did not lose money on my first one.

You win some...you lose some.

There are costs for maintaining the trusts and there are formalities to be followed.Having General Liability insurance also protects your assets as in the case of a lawsuit you may be defended at the cost of the insurance company and they may also pay all or a big portion if you lose.

One of my concerns is not being able to close within 30 days with a bank loan and possibly losing some are all of my deposit.   

I only invest money that I can afford to lose and i sleep better because of it.

Although it wasn't profitable I didn't lose any money and it worked out well.  

I had zero patients for those  idiots, any money they lose or whatever I think they deserve the worse customer service in the entire industry

Allocate a healthy budget for the mailer campaigns, every month your property sits vacant, you're losing way more $$$.

The flip business is risky and if you don't understand all the ins-and-outs then you can lose your shirt. 

You will lose more bids than you will win, but if you stick to your plan, you will be successful.Eddie