Do you want to flip a house?  With real estate prices taking a major beating over the past year or two, it might not be a bad idea if you can find a good deal.  In many markets, homes have been lingering on the market for a while, which could motivate their owners to take less.  Plus, let's not forget about all the foreclosures on the market.  There are deals out there, you just have to find them.

     If you decide you want to try flipping a house, you need to get your priorities in order.  The first priority is to fix what needs to be fixed: Plumbing, heating, roof, etc.  The next step is to make the repairs that will give you the most bang for your buck.  Most people agree that these include bathroom and kitchen remodels.  You'll be able to recoup a large percentage of your investment, and you will probably get a lot of attention from prospective buyers.  Ideally, the rest of your work should involve freshening up what is already there by painting, installing new carpets, and landscaping.

     For me, the ideal flip would be a house that needed a bathroom and kitchen remodel, along with a freshening up.  This way, I'm likely to recoup a large portion of my investment on those two jobs, and the freshening up part won't be too difficult to complete myself.  Of course, not every house fits these requirements, but if I found one that did, I would certainly be intrigued. 

     I leave you with one last piece of remodeling advice: Remember that you are improving a home for the purpose of selling it as quickly and profitably as possible.  Try and keep your personal decorating tastes out of the equation and focus on the bottom line.  You don't want to get caught going over budget, or paying a mortgage on a house you can't sell.