A little history first...

I married my high school sweetheart, Toby, in 2004 and moved to Mobile, Alabama in 2005. We were a DINK couple (double income, no kids) and thoroughly enjoyed the benefits that came with that status. In 2007, house flipping was all the rage (aka the newest reality TV phenomenon, not that we knew anyone personally who had tackled this successfully) so we decided to jump on that band wagon. With a 95% mortgage on the "flip house" and relying on our home equity line we forged ahead. No biggie, it's just going to be a few months until it sells...right?

The 1,100 square foot house we chose was in foreclosure at the time and the previous owners were not so happy to vacate the premise. There were holes in the walls and doors, cabinets hanging off their hinges, and a horrid commercial blue carpet throughout. For two dreamers with a little vision, this place was a gold mine! We'd change the carpet, patch the holes, toss on some fresh paint, throw it back on the market and walk away with $20 grand...easy as that!

We bought the house in July 2007. Two realtors, endless open houses, numerous price reductions, and one set of destructive renters later, we were still sitting on it in August 2008...