This is one of those questions each person must answer for him or herself. If your first flip gives you a profit of $2,000, but you spent 320 hours, eight solid weeks of eight-hour days, of your own time on the project, that works out to $6.25 per hour. Was it worth it? Might you have been better off taking a part-time job flipping burgers instead of houses? Perhaps. But, you have to ask yourself how much the education was worth. If the experience prepared you to do another flip, make three times as much money, and spend one third as much time, you will make a little over $56 per hour on your next flip. Now is it worth it?
You have to define your goals for the flipping venture. Do you want to pick up some extra cash for a slush fund, vacation plans, or simply to pay down your credit card? If your goals are modest, your profits can be modest, also. If your goals are much larger, start out with fairly easy, fast flips such as option flips or housekeeping flips. Or, do a homeowner flip that gives you at least two years to make all your renovations, and then sell at a profit with absolutely no income taxes if your profit is under the current $250,000 ($500,000 for married couples) limit.