1. Failure to Determine your time frame for your investment
Flips are often over budget and time. There is a carrying cost of the money invested in a flip and if your run over the time schedule, you will eat into your profit.
Buying to rent in the Cincinnati Real Estate Market currently might be a better strategy. However, if you have to rehab first, the above is also true. All the time you have a vacancy because you are fixing up the apartment, you are eating into your profit.