A fix-flip property is purchased, renovated and then sold at a profit. Often, investors will buy properties at discounted or lowered rates due to the condition of the property. These properties could be condemned, abandoned or simply neglected. Most of the time, these properties are in such a state of disrepair that they require major renovations. However, this is not always the case. It is possible to purchase a property with only minor damages or updates needed and re-sell it for a profit. The investor never has any intention of living in the home, although if selling is difficult, the option to rent it is available as well.When an investor purchases a fix-flip property, sometimes they have to legally show which improvements were made before someone can occupy the property. Inspections happen on every building that is sold, but if a building was condemned or in a poor state, it is possible that additional information must be provided.