Found a great article about the 10 successful tips for Flipping.  This has some great information in it and pertains to any market. 

In the Santa Clara County and specifically in the South County with communities such as Morgan Hill, San Martin & Gilroy, it is the high end that will yield the most successful flips.  It's hard to think about a $1million dollar fixer - but they are out there.

It's just not for the faint of heart - you are now Flipping with the big boys.