If you’ve found your first potential flip, you’re probably more than just a little bit excited. After all, the first time at anything can lead to a few butterflies. And with real estate, it’s “real.” If you back out of the deal or get a serious case of buyer’s remorse, a house isn’t the most liquid of assets. You needdon't do these five things to be careful. But your first potential deal has landed on your desk and you’re ready to go.

Here are five things you’d better not find yourself doing before you commit.

Don’t “wish” for a potential value once repairs are made. If your final sell price is based upon heavy usage of the search bar on your computer screen, without proper advice from a contractor and agent, a “guesstimate” can turn a profitable deal into a major expense.

You might find a really good deal but if you don’t know the exit strategy for this particular property, make one. Knowing in advance how you’ll handle the property after all the renovations have been made not only helps solidify profit projections but help you sleep at night in the meantime.

If you have to stretch your budget and scratch and claw around your financial accounts to come up with enough money to fund a transaction, you won’t have any resources for change orders, extended renovations and other unforeseen events, you’re not properly prepared. Don’t exhaust your cash and leverage as much as possible either with private funds or from a bank.

Does the math work but you still feel a bit strange about the deal? Sometimes your intuition really works but when paying attention to your intuition, pay more attention to the negatives will help avoid catastrophe instead of paying attention to your “good” vibes. Remember, don’t with for a potential value.

If you don’t know how to do something, contract it out. Find professionals who can help you along the way and find them well before you buy your first flip. If you’re a licensed contractor, a real estate agent with 10+ years in the industry as well as real estate attorney, go ahead and fly solo. Otherwise, surround yourself with other people’s talent.