There must be no confusion about your commitment to investing in real estate and what is involved, before buying a property and then the work and energy involved with updating the property, and the work involved in selling the property.
A good general knowledge of how the city or local government agencies work in regards to permitting is also valuable because in most cases a permit will have to be pulled for most repairs and updating of a distressed or foreclosed house.
Some very successful investors buy and sell (aka Flip) full time and if this is your goal then go for it but run the numbers very carefully and make sure you are in a market that will support the sale side when its time to do the ‘flip’.
Many people who had purchased real estate as an investment, are folding too early, and this is not good, because in order to make money in real estate, you have to know when to hold on to the investment and the right time to sell.
Finding a property for sale by owner is a good way to find a bargain because the seller saves on realtor costs and may pass on this savings, at least in part, to you.
Private financial institutions such as banks, life insurance companies, private investors, and thrift associations also buy notes.