Flipping a house can seem like a walk in the park when it’s wrapped into a few montages during a half-hour TV segment. Find a run-down property. Buy it. Take out a few walls, paint, replace carpets, upgrade the kitchen and voilà! You could make tens of thousands of dollars in just a short time. Reality is seldom so straightforward. Flipping a home can be risky, and there’s no guarantee you’ll profit.