1. Time: #Renovations and flipping houses both take a lot of time. It may take several months to find and purchase the ideal property. It will take a lot of time to renovate the house since you already own it. If you work a day job, this could entail missing weekends and weeknights because you’ll have to spend time on demolition and building. Paying the professionals to execute the work takes more time because you need to check up on them and monitor their progress. Paying them will decrease your profit as well.
2. Knowledge: You must be able to choose the ideal property in the ideal location at the appropriate price if you want to succeed in this industry. For instance, you wouldn’t be expected to buy at $280,000 and sell at $650,000 in a neighbourhood of $450,000 homes. That cannot occur naturally because of how competent the market is.
3. Money: Real estate investing is expensive, with the purchase price of the property being the first outlay. Of course, there are many no money down and low down payment financing options out there, but it can be difficult to tell if a bargain is coming from a reputable vendor. Additionally, you must pay interest if you are the one financing the purchase. 
4. Patience: Compare the two: experts research and carefully select the ideal property, whereas novices hastily purchase the first home they come across. These amateurs will employ the first contractor to submit a bid for the job they are unable to complete. Professionals, on the other hand, have pre-arranged for reliable and capable contractors to undertake the project or they may choose to complete it themselves.
5. Skills: The real money in house flipping comes from labor-intensive work. If you enjoy installing tiles, hanging pictures, installing bathroom sinks, or just using your hands to hammer nails, you might be able to flip a house. Professional builders, plumbers, carpenters, and other skilled workers frequently flip houses as a side business to their day occupations. They are, after all, knowledgeable and skilled in this area. They have the knowledge to locate and repair a home.      

The general rough estimates for Renovation 4/2/2 20 Sq house

• Revisualize the Kitchen – 20k for standard #kitchenRevitalize with new paint – Every dollar you spend in #painting the return would be 4-6x of dollar spent, this can be vary anywhere from $500-$12000
• Revitalize with bathroom – 10-12k per bathroom
• New Driveway – $100-150 per sqm
• Retaining walls – $90-125 per sqm
• New Windows with squareset frame – $10-12k
• Colorbond Fences – $100-120 per Meter excluding slippers
• Epoxy flooring – DIY or hire handyman $350 kit from bunnings for single garage
• Buffalo Grass – $40-60 per Sqm
• Excavation – $90-150 per hour hire
• Led Lights and fittings – New fittings with Led Bulb $50-$80 each
• Benchtop supply and install – $1500-2200 per sheet (undermount sink $300 extra)
• Upgrade the Floors – $ 50-65 per sqm incl supply and fitting (8′ hybrid) and $55-70 per sqm for Tiles installation excl supply
• Plumbing – $70-110 per hour labour and material extra
• Electrical – $50-75 per hour labour and material extra