My advice is to not take on more hats than you're qualified for! Unless you are also a CPA, or a financial advisor that is privy to all their other financial information, I just don't see that you are in the position to advise them about flipping, when you don't know whether they have the knowledge, experience or funds to flip, especially if they're out of state. All you can do is provide a range of properties in their locale of interest and let them do their homework themselves. I wouldn't want to be on the receiving end of a letter from them in two years complaining that their "investment" didn't appreciate to the level you said it would!!!