Mistakes while flipping?

[badmomma]

I am sure that there are many mistakes that one could make while flipping houses. I presume that one of the first would be not taking a good look at the home and property.

If you just walk through and glance at everything without really digging deep you may be missing some serious issues. I know we were going to buy one but when we really got to looking at it we realized that it was going to cost an exhorbadent amount to fix all of its issues.

It need a rewire,the house needed to be leveled and the foundation fixed. It just wasn't worth the investment. Also not being able to insure a home is another issue that bothers me.

I wouldn't want to have nothing and have something happen to it before I could get it sold. Does anyone have any stories about issues like these that can help us prepare for a future flip?