The money this person is going to lose trying to flip a house in a questionable buy and hold area will pale in comparison to the commission that would have been paid to get a quality cash flowing property in a decent location.Have you identified any areas of interest?

If the average cap rate is high enough in an area, say in the double digits, that asset is more than likely losing value over time.

Many lose money on their first one or two but then get it figured out.The common problems are overestimating the ARV, underestimating the rehab, and underestimating the completion time frame.

Simple slip ups like this will just waste everyone's time and ultimately lose a client. 

Media amplification of the potency of so called "Renters Advocates" calling for rent strikes is probably either Fake News hoping that gullible people will try doing this, or greatly overblown.When the so-called "Renter Advocate's" lease comes up for renewal what do you think the result will be.I understand the working poor, and losing their housing situation is a rough road for these people.

Going slower allows you to minimize any mistakes and learn without losing money.

You are actually losing money to self employment taxes and regular income taxes.

Less money you risk losing. 

There's not enough equity to be worthwhile in a lawsuit.If you get sued, the LLC will protect you from losing your personal assets, but ultimately you would still lose the house within the LLC if you lost the case.With an umbrella policy if you lose the lawsuit, you keep the house and the insurance simply pays up. 

@Austin KelpisYou’ll be fine, there is no losing in your first purchase.