House Flipping Foibles

As the chips continue to fall in the subprime meltdown, its hard to ignore the glut of house flipping (get rich) tv shows that continue to be aired. Dr Housing Bubble has an interesting analysis of TLC's Property Ladder which is one of the few shows that actually portrays flops as well as flips. They've identified 3 reasons why many house-flippers fail which are, Lack of Fundamental Analysis; Misunderstanding of Construction Time Lines; and Too Many Real Estate Books. Agree or disagree???