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Thoughts I'd pass this interesting WSJ article on to readers. Overview: the how real estate market has neglected new entry level homes. There is very little supply which offers an opportunity for those with the skills to become a new home builder or a land developer. I've worked with local guys that have taken a piece of in-town property and subdivided it into 4 lots. They sell those lots to home builders and take a nice profit in doing so. It's one of those areas in real estate that a lot of smaller guys don't touch b/c of knowledge. Maybe it's something you want to look into as an alternative to flipping.
http://blogs.wsj.com/developments/2015/06/25/economists-home-builders-neglecting-entry-level-market/