If you're thinking about diving into house-flipping, we have a word of caution for you: Don't do it unless you've done your homework. Here's what we often see go wrong with first-time flippers. What if You Try to Flip a House Without Understanding the Market? Flipping a house without doing your homework can be disastrous. Here's why: If you buy a house without understanding the real estate market around it, you won't know if you're really getting a good deal. In order to make a solid profit, you'll need to buy the property below market value, minus the cost of