Freelance Writing Project Declined

How many writing projects have you declined? I turned down a second project offered by a site owner this morning. I think I've learned as much from this person as I can. His project's guidelines are nebulous, which leads us in circles after I submit a draft. I follow his instructions, without variation, and he "changes his mind" after he sees it in writing. I've decided that when it takes eight hours to create a $5 article, it's not worth it. What am I doing wrong with this owner?