Okay, you know the drill: purchase a house below the current market rate, make some repairs and improvements to it, and then turn around and sell [flip] the house to generate big profits. While the concept of flipping houses is nice, the reality is that so much more is involved in flipping real estate. Without the proper knowledge on how the process works, you could end up being saddled with a house you really do not want to own or end up taking a big loss on the sale of your property. The real...