Finished Flip Photos: The Kitchen (Photo credit: It's Great To Be Home)

Flipping Homes Is Tougher Than It Appears

Gary M. Singer is a board-certified real estate lawyer that answers all sorts of questions about the housing market. Each Friday Singer answers questions about mortgages, short sales, refinancing and other residential real estate topics.

Q: Since home prices have been rising, I am hearing a lot about people who are making money "flipping" houses. What exactly does a house flipper do? -- Anonymous