It looks so easy! Buy a house, make a few cosmetic fixes, put it back on the market, and make a huge profit. And plenty of homes are getting flipped. And how do you avoid them? Having that information, you can then figure an ideal purchase price. Like any other small business, the endeavor will require time and money, planning and patience, skill and effort. It will likely wind up being harder and more expensive than you ever imagined. And even if you get every detail right, changing market conditions could mean that every assumption you made at the beginning will be invalid by the end. Take it lightly at your peril : If you’re just looking to get rich quick by flipping a home, you could end up in the poorhouse. So how do you flip a building or house?