Your opinion of flipping probably depends on which side of the transactions you're on.

To people who are buying, fixing up, and reselling real estate, flipping is just good business. They love the thrill of the hunt for that underpriced diamond in the rough, the transformation -- and the profits, of course.

But if you end up buying a house like this, you're more likely to think that flipping is a con game.

In fairness to people who like to play the house-flipping game -- and there are more and more of them all the time -- I don't think most of them are trying to rip anyone off. They are trying to maximize the amount they can make by turning that property over quickly, which often means making some decisions that are not going to benefit the house, or the net buyer. They resort to what I call "lipstick and mascara" -- cover ups that look good but that are not going to last.