To understand if home flipping is right for you, it is important that you have a firm understand of how home flipping works. Time is money (your time is money) - Ii you're planning on doing some/all of the work yourself, then it's important to know exactly how many properties you expect to flip, the time it will take and the final profit you will walk away with (after tax) from the effort you've put in.
If you're a slow flipper and have the financial backing, you may choose to buy a property and work on it over a longer period of time. This is generally done by individuals who have spare time and aren't concerned about buying a property that isn't producing rental income for an extended period of time.
Your end goal is to make a healthy profit - if you can't justify the time and expenses, then home flipping could potentially put you at a financial loss.