A flipped house is one that has been sold at least twice within one year. Real estate site Trulia said more than six percent of last year's home sales were flips—the most since before the financial crisis.
With flipped property soaring in popularity again, so are the risks associated with buying a lemon, experts say.
"What you have to watch out for is if a house has been totally renovated, everything , not just the kitchen or a bathroom, but the whole house, "Frank Lesh, executive director of the American Society of Home Inspectors, told CNBC's "On the Money" in an interview.
"That's a good sign that it was probably flipped fairly quickly," he warned.
In the speed to fix-up a house and re-sell it at a profit, corners could be cut. Work could be completed without required permits, or Lesh said, appliances or lighting could be installed without "proper connections in the electrical panel."
In especially hot property markets, fixer-uppers that mask flaws are more prevalent, he said. "Because people are trying to turn around houses very quickly and if a market is hot, sometimes people forego the home inspection and that is never a good idea," Lesh added.
Some quick turnover homes have only had cosmetic fixes that mask mechanical or structural issues that even trained eyes may not be able to catch.
"There are a lot of things that a home inspector can do but there's just some that we can't," Lesh acknowledged.