There are other descriptions that people refer to for flipping. Some mention it as actually buying a property, then quickly fixing it up to resell it. This is something you can implement but there are also a lot of other financial risks that can be a concern, particularly in down or declining locations.
While we mention flipping, we are talking about securing houses at a discount and then assigning (or flipping) them to another buyer for a speedy profit. While we discuss real estate wholesaling, we are basically mentioning finding homes at a discount and assigning them inexpensively to another person or rehabber; thus the term wholesale. For further explanation on lingo, when you flip a house to another person, this just means you are transferring the right to them to close on the property directly from the home owner.
After you get a house under contract, you will have control. Then you can flip it to another individual at retail price or for a flat fee so they can close on it. They take your place in the contract, then take ownership of the house, take care of fixing it up and either keep it or sell it to an end buyer for full price. A real estate system like the one developed by Matthew Sorensen is a great no risk strategy to create quick cash using little or no credit or other lending techniques.
Since you have neither of these limitations you can also do as a many as you want making real estate wholesaling a great cash flow strategy especially once you have a steady system working for you!