You have to either have investors where you share the profit, have the cash or the credit to purchase AND renovate the house. Know your market - work with an agent who can give you solid data on comps in the area you want to flip. Know your contractors - working with contractors who have a solid reputation for coming in on time and on budget is critical to maintaining your profit margin.
Make sure you have your financing in order before you begin. Things move pretty quickly, so once you see a house, you have to come up with approximate renovation costs (sometimes you need an architect too) before you can put in an offer. Many of the houses ideal for flipping end up in multiple offer situations so you don't have much time at all. Research well.
Please let me know if I can be of help - I work with investors as well as owner occupied purchases.
Red Key Realty Leaders