The TV house renovation programs are very addictive and make it look so easy!
A. You need to take into consideration many aspects such a depreciation, return on investment (ROI), borrowings, etc. There is good money to be made if you buy right and renovate within a budget that has an outcome of a fair sale price for the area.
It is important to take your time and research the area/market over a 3 month period to determine the lower and upper scale, average or medium sale prices for the area.
Following your research, you would want ot invest in a property at the lower end (taking into consideration the number of bedrooms, bathrooms, garage space, outdoor area, etc) and establish a realistic and achievable renovation budget that will improve the property, but not out price the market.
Renovating an old property could be a waste of money if the end result of the renovation (purchase price+budget-costs) is a sale price of eg $800k and the area sales are $500k-$700k, making a quick sale far harder to achieve.
Try to avoid properties requiring major structural changes and focus on cosmetic improvements if you are a first time renovator.