A note on â€˜flippingâ€: Many â€œflippersâ€ in our area are forced to be remodelers as we cannot even buy the better properties since the â€œfirst look rulesâ€ allow owner occupants the first shot at the properties on a 15 -30 day program depending on the agency involved. The properties that fall to us are the leftovers that are in really bad shape, we are forced to tear out sheet rock, redesign, new cabinets, wiring, plumbing ectâ€¦. I have been doing 12 per year for the last 5 years and I have not had a carpet & paint quickie. Most homes in our area are 900-1500 sq. ft. with an average cost of 100-150k, many are purchased for 60-90k with rehab budgets of 20-40k with a projected time frame of 3-4 months; with rehab expense, real estate fees & other expenses we project a profit of 10-18%. In our market (the Midwest) no one is getting rich but doing well and working every day. Roberts right about, we make money when we buy the home, but wrong about doing as little as we can before we bring it market. With the inspectors in our area & market conditions in our area we would be punished with a low price, excessive days on market or even a no sale re-foreclosure. Ps our homes average less than 30 days on market with most selling within a week.