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Someone's making money, don't take my word, you're best asking around and seeing what is missing from the equation. The more profitable renos are at the higher end of the market, which personally I can't afford. As for those reno-packages which teach you how to do it... some of the figures...

Only people I personally know who made money from buy-reno-sell, all did it in a rising market. I am yet to see a house sold THAT cheap, that you could make that significant a profit renovating it yourself, let alone with trades-people. My buy-reno-hold's would only amount to about $10k...