Before "flipping" was what it was called, my parents had a friend who would buy and restore houses, then sell and move. And so when they found our house, that's what they planned to do too -- it was over 100 years old, bad paint jobs on good old wood, etc. They restored some of the wood but then put 1976-style carpet and paint on other stuff. Yeah, that was 30 years ago. We're still "fixing it up." We've had to undo our own paint and carpet jobs to restore the original wood in a lot of the house, etc.
By "we" I mostly mean "my mother."