My wife and I are flipping a house. We thought this was just the right time. We came into a no-money-down fixer-upper, a 1500" colonial with nice lines, about 30 years old.
We cashed out 100% of our sweat equity, repainted the whole thing inside and out. Floors are expensive, but my wife had the brilliant idea of using a wet paintbrush with tan paint to streak uneven lines in the floor - it looks just like hardwood, but for only the cost of paint. The wiring was substandard, so we just removed it. And it was missing a bathroom, so we'll add one to the attic. Instead of getting expensive shingles for the roof, we used sand paint. It's really almost the same. The appliances are repurposed from some other houses, too. In all, I think we've spent $50 on our flip.
Our open house is tomorrow, and we hope that we'll be as rich as George Bailey.