David,
My father had alot of rentals and flips when I was in High School. The problem with Flip this house is that they make people think they can all get rich quick off one property. It is more realistic to make 4,000- 5,000 profit if you are lucky in a thirty day turn. Start small with a little profit margin, then you can learn and make those more riskier decisions down the road with some experience under your belt.

A couple flipping secrets.

Find a wholesale scratch and dent appliance center.

Buy last season items at closeout stores. Lamp covers, Floor mats, Door Knobs, Shower Curtains, Molding.

Buy windows, fuseboxes, wire, cable, outlet covers, carpet in bulk. Become master of the drywall! You should be able to repair a 1 foot gaping hole in drywall in a matter of 15 minutes.  I have a couple friends that flip for a living right now, they easily clear 20k a month. The take on three houses at a time and convert each of them in record time. They fix the serious mechanical (hot water tank, windows, plumbing) and the rest is all window dressing. Carpet and Paint. Fake Wood Floors. It's a great business if you have the 50k to start up.