A great flip candidate needs more than just good bones — it needs a great location, too. "Location is key! Try to find the worst house in the nicest neighborhood," the Black Team's Whitney says. "You don't want to have to worry about not being able to sell after you've just put lots of money and effort into renovations."

You've found the property. Now, how much should you spend on the renovations? Research the sale prices and amenities of homes around the neighborhood before you start. "Knowing your market helps you invest your money wisely and, more importantly, sell your property in the end," the Red Team's Shauna says.

Instead, create an overall plan before you start. That way, you'll know how much of the budget to allot to each room.

Anicka and Shauna made the smart move of using the same contemporary style and gray and orange color scheme throughout the property. The result? A cohesive, sophisticated space.