Property flipping is the process of buying a real estate property, making improvements or renovations, and then selling it for a profit. Investors often look for undervalued properties that need repairs or updates, allowing them to increase the property's value through their efforts. This practice can be lucrative but also carries risks, such as unexpected repair costs or market fluctuations. Successful property flippers typically have a good understanding of the real estate market and the cost of renovations, enabling them to make informed decisions that maximize their return on investment.