Some of the formulas & calculations performed in the House Flipping Spreadsheet utilize circular references.
The spreadsheet is automated to allow 'iterations' (all circular references) in the spreadsheet, but in certain instances 'iterations' may be turned off in the spreadsheet.
To turn on iterative calculations go to Tools->Options->Calculation and make sure that Iteration is checked (turned on).
Here is a quick screencast video on how to enable iterative calculations.
http://screencast.com/t/6XGPWFAkC
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