Of the three types of investors:  the do-it-yourselfer, the live-in and the hiring out, the latter needs to have the most patience when searching for the right property.  When you find it, be ready to contract, as you will likely have competition from other Fix and Flip-ers.  If you have the means, concentrate on higher end properties as they tend to have the most potential for profit.

When you hire out the work, remember that much of your money is going to the people you hire, cutting into your profit margin.  Labor will probably be your greatest cost.   If you are paying cash for the property and have additional money for labor and materials, you´re ahead of the game.  If not, you´ll want information on financing your Fix and Flip.

If you decide to be the general contractor, you will be in charge of deadlines, budget and hiring sub-contractors for every aspect of the property that needs work.  If you are employed full time or running another business, I recommend that you hire a general contractor rather than trying to do it yourself. 

When you interview general contractors, make sure that they are as committed to the project as you are.  Ask friends for recommendations.  Be clear about your goals for the project and areas of responsibility.  Get at least two bids and ask the contractors for customer referrals.  Then, call those customers.  If possible, visit the site and ask questions.

Once you´ve selected your general contractor, keep the lines of communication open.  Make sure your GC knows when you need to be consulted about decisions and when he can take the responsibility. 

Unless you have design background, I suggest that you hire a designer before you start work.  Investing in a designer can steer you away from costly mistakes and give you alternative perspectives.  Pay attention--whatever you learn from the designer can be applied to future Fix and Flip endeavors.