Plan — build a business plan that includes both your purchase strategy and your exit strategy before you start searching for a property.
Price — buy at a price point you can comfortably hold and manage, factoring in location and long-term area plans, not just the immediate flip math.
Teamwork — build a network of an inspector, appraiser, and other investors, ideally through local meetings or investor groups. Speed matters more in a competitive market than most first-time flippers expect.
Improve — target properties that need cosmetic work rather than major structural renovation for a simpler, faster flip, especially on your first one.
Pay cash where possible — it minimizes PMI and interest carrying costs, and keep reserves on hand for the unexpected repairs that come up on almost every project.