There are still homes in poor condition on the market and there will always be a strong market for updated properties since most buyers today are not interested in a renovation project. Successful flippers have the process down to a science. They specialize in a specific style of home in a specific market area. They know the market and have a measure of predictability with the budget. For the rest of us, the primary risk is in over renovating and not knowing the market. The steps to success in this niche are: Determine the realistic sale price of the renovated home in the local market, Estimate the budget for the renovation and financing, Establish the profit needed in the transaction, and thus determine the maximum purchase price of the property. One other consideration is location. You can change the house, but you can’t change the location.