In a perfect world, you would have enough money and enough time to obtain an appraisal, a licensed professional’s opinion regarding the value of property. A house appraisal will usually cost several hundred dollars and take a few weeks to complete. You can closely duplicate the same appraisal process the professionals use, however. The procedures are fairly simple. They are not very time-consuming because you will be able to use much of the same information you already obtained when looking for flip opportunities.