It is highly possible to make money by flipping real estate. With some knowledge and skill you can be successful doing this type of money making in this special niche. Any type of investing is a risk and real estate is not exempt. Your first step will be to purchase a piece of property for a nice low price.
But do not shop by price, you could end up with something with no potential. Then you hire people, or do the work yourself if you are trained, to work with building codes to renovate the property. You then put the property on the market and get the highest price you can for it. To discover your profit, just subtract the price you paid plus the amount you put into the work from the final sale total. That will give you your profit and if you were successful, then you turn around and buy again and start over.
Educate yourself first about this industry. Online and books can give you lots of information but understand that they real estate flipping just might not be your cup of tea. Only time will tell.