House Flipping

Most of what I know about house flipping is what I've seen on TV. Daddy-O and I have done some remodeling on our own houses in the past, but I wonder what it would be like to remodel a house we're NOT living in.
It's funny that even after the two months (more like six) it took to find the house we're in now, we've never stopped looking at houses for sale.
OH...
'nice porch"
"love the back yard"
"wow...I bet that was gorgeous in it's day"
We stop and pick up the free flyers on houses just to get a glimpse of the price and potential.
There is so much real estate for sale in our quaint little town. I think many folks are trying to find homes closer to Indy, where they work.
We've kept in contact with our realtor, who I'd like to help us when the timing is right to buy a fixer-upper. I don't know if we'd remodel to sell, or rent.
pro and cons to both.
I'd love to be able to make a living on rental income eventually.
We think it's worth looking into...just not right now.
The Happy Medium