A flip is two deals with a hold in between: the Fix & Flip deal where your team buys the house, and the Retail Resale deal where you sell it. A project sits above the two — it holds the flip's status and who is running it, and links both deals together.
How a project starts
You never create a project by hand. Every Fix & Flip deal gets one the moment it's created, named after the deal's address. Changing an existing deal's type to Fix & Flip (for example, a wholesale deal your team decides to take down itself) creates its project too — the deal keeps all of its history.
If you later change that deal to a type that isn't the buy side of a flip, the project stays where it is — nothing is deleted — and the deal's activity log notes "Deal type changed — project [address] still exists", with the project's address in place of [address].
Deals brought in through a spreadsheet import don't get a project automatically. If you later change an imported deal's type to Fix & Flip, it gets one then, like any other deal.
The Projects page
Projects appears in the sidebar once your team has a project or has the Fix & Flip deal type turned on. It lists every flip you can see, newest first:
- Address — the project's name.
- Status — where the flip stands (see below).
- PM — the Project Manager, or Unassigned.
- Buy deal and Sell deal — open either deal. A flip whose resale hasn't started yet shows No resale yet.
- Created — when the project started.
Use the status filter to narrow the list, and select a row to open the project. New Deal opens the new-deal form with only the buy-side deal types to pick from, since a Fix & Flip deal is what starts a project. If your team has no projects yet, the page says "No projects yet" and offers the same button.
You only see a project if you can open its buy deal or its sell deal.
The page shows up to the 500 most recent projects. If your team has more, it says "Showing the 500 most recent" next to the count.
Creating the Retail Resale
When the rehab is close to done, create the sell side of the flip from the project. Open the project: until the resale exists, its sell card says "No resale yet. Create the Retail Resale when the rehab is close to done."
- Open Projects in the sidebar and select the project.
- Select Create Retail Resale on the sell card. If your team has more than one sell-side deal type turned on, pick the type first from the dropdown beside the button.
You can also start it from the Fix & Flip deal itself: open the deal, select the ⋮ (More actions) menu in the header, choose Create Retail Resale, and confirm. TED opens the new deal when it's ready.
The new Retail Resale deal:
- Starts in MSB at your first marketing status. NAT and OTTO are marked skipped — the house is already yours — so automators set to run when those stages complete don't fire for it.
- Copies the Fix & Flip deal's address, owner (ACQ), Project Manager, Originated by, and property details (beds, baths, square feet, ARV, and the rest of the property facts). TC and Dispo come from your team's seat defaults. There's no contract price yet.
- Is linked to the project, so it shows on the project's sell card and both deals show Part of project. Both deals' activity logs note it.
- Adds you to its Assigned Employees (with no role) if none of those seats is yours, so you can open the deal you just created. While you're assigned, the deal counts toward any bonus plan that credits "any seat" or a department on a deal. A resale created by an automator running in the background adds no one. If someone else takes the deal over, an admin can remove you from Assigned Employees — you then lose access to it (if your access covers only your own deals) and it no longer counts toward your bonus.
Each project has one Retail Resale. Once it exists, Create Retail Resale no longer appears. If your team has no sell-side deal type turned on, the sell card points you to Settings → Deal Types instead — an admin can turn on Retail Resale there. Creating the resale needs edit access to the Fix & Flip deal.
Linking a Retail Resale you already made
If someone created a Retail Resale deal by hand at the same address as a Fix & Flip deal, you can attach it to that deal's project instead of creating a second one. TED never links deals on its own.
- Open the Retail Resale deal. The line under its header says "Another deal at this address" and names the Fix & Flip deal.
- Select Link to Project.
- Confirm "Link this deal to project [address]? The Project Manager seat will be copied over." by selecting Link to Project again.
The deal becomes the project's resale, and the Fix & Flip deal's Project Manager is copied onto it (if the Fix & Flip deal has no PM yet, the resale's PM is copied the other way). Link to Project only appears when the deal you're on is a Retail Resale that isn't in a project yet, you can edit it, and the other deal is the Fix & Flip deal of a project that doesn't have a resale. You also need to be able to edit that Fix & Flip deal — if you can't, TED won't link them and tells you "You don't have permission to change this project."
Moving a project forward
Open a project to see both deals side by side — each with its stage progress — and the project's status. Change it with the Status dropdown at the top right:
- Open Projects in the sidebar and select the project.
- Pick the new status from Status.
The statuses, in order: Under contract, Owned / Rehab, Rehab complete, Listed, Under contract to sell, Sold, and Fell through. Every change is logged on the Fix & Flip deal's activity as "Project status changed from … to …". Changing the status — and the Project Manager — needs edit access to the Fix & Flip deal; if you can only open the Retail Resale deal, you see both without a dropdown.
The Project Manager
The project's Project Manager dropdown sets the PM seat on the Fix & Flip deal, and TED copies it to the Retail Resale deal, so the same person shows on both deal headers. Changing the PM on either deal's header does the same — the other deal follows. See The deal header for how the PM seat works on a deal.
Holding costs (the Expenses tab)
The project's Expenses tab is the flip's own ledger — every dollar spent while you hold the house: utilities, insurance, property tax, loan interest, rehab. These belong to the project, not to either deal. Costs of buying or selling stay on the deals' own Financial tabs (Buy-phase expenses / Sell-phase expenses, each with a link back here).
To add one:
- Open Projects in the sidebar, select the project, and open Expenses.
- Select Add expense.
- Pick a Category — holding and rehab costs are listed first, but any category works — and enter the Amount. Phase starts on Hold; Source is Out of pocket or Settlement statement. For Loan interest or Loan points & fees, pick the Loan it belongs to. While the project has a loan that isn't paid off, the Loan is required for Loan interest — otherwise the P&L would count that interest twice.
- Optionally attach the Receipt — Attach file, or Pick an existing document already on the project.
- Select Add expense.
A project with none yet says "No holding costs yet. Add the first expense or let a recurring automator book them." Below the list, Totals by category adds up each category. An expense without a receipt shows Add receipt on its row; one with a receipt shows a paperclip — select it to open the file. Edit an expense with the pencil; an admin can delete one with the trash can. When a teammate adds or changes a holding cost, the list updates on its own.
An automator can book a holding cost for you too: add an Add an expense action and set its Ledger to Project ledger. It adds one expense to this tab each time the action runs, and does nothing on a deal that isn't part of a project. It can't book Loan interest while the project has a loan that isn't paid off, because it can't say which loan the interest pays — the run is flagged for attention instead. Add loan interest by hand.
You see the Expenses tab if your role can see Transactions; adding or changing expenses needs Transactions edit access and edit access to the Fix & Flip deal.
Loans and draws
The project's Loans tab tracks how the flip is financed — the hard-money first, a gap loan, a private lender. It shows what the project owes, about what it costs a month in interest, and what's paid off. Each loan lists its Lender, Position, Amount, Rate, Points, Interest paid, Accrued unpaid, and Status.
To add a loan:
- Open Projects in the sidebar, select the project, and open Loans.
- Select Add loan.
- Pick the lender, then enter the position, loan amount, interest rate and any points, term, rehab holdback, origination date and maturity date. Choose whether interest is Paid monthly or Paid at payoff.
- Select Add Loan.
Interest accrues monthly from the origination date: amount × rate ÷ 12 a month, with a partial month counted by days ÷ 30 (15 days is half a month). A $120,000 loan at 12% costs $1,200 a month. A loan without an origination date shows "Set origination date to accrue interest" until you add one. Interest paid is the interest already recorded as expenses against the loan; Accrued unpaid is what has built up since. The loan amount itself is never a cost — only interest, points and fees count against the flip's profit.
Draws. Select a loan to see its draws below the table. Select Add draw to record a rehab draw — the amount requested and when, and the amount funded and when once the lender pays it. Select a draw to edit it.
Paying a loan off. Open the loan's ⋮ menu and choose Mark paid off. Enter the payoff date, the payoff amount and the interest owed at payoff, then select Mark Paid Off. TED fills in the interest that hasn't been recorded yet as of the payoff date, and updates it when you change the date — unless you've typed your own figure. The payoff date can't be before the loan's origination date. Interest owed at payoff is recorded as a sell-side settlement-statement expense linked to the loan — on the Retail Resale deal if the project has one (you need edit access to that deal), otherwise on the project. The payoff amount is not recorded as an expense. Once a loan is paid off, it stays paid off.
From the same menu you can Edit loan, Add draw, or Remove loan (expenses already recorded against it stay where they are).
You see the Loans tab if your role can see Transactions; adding or changing loans needs Transactions edit access and edit access to the Fix & Flip deal.
The project's P&L
A deal inside a project doesn't show a profit of its own — a Fix & Flip deal alone would look like a huge loss and the Retail Resale like a windfall. On the deal's Financial tab, the profit tiles, the P&L statement and Actual Results are replaced by a card: "This deal is part of project [address]. Profit is tracked on the project." Select View project P&L to open it. Expenses still list on each deal.
The dashboards and the pipeline board's status cards work the same way: the project's revenue and profit count once, on the Retail Resale, and the Fix & Flip deal is counted on an Acquired card instead of as a loss. See Using your dashboard.
The project's P&L tab (visible if your role can see Transactions) shows what the flip really made:
- Table — Acquisition, Financing, Rehab, Holding and Selling add up to Total cost; then Sale price, Revenue (sale price minus purchase price), Net profit before commissions, Commissions and Net company profit. The last two only show if your role can see Net Company Profit. A % of Project Net Profit commission rule pays its share of Net profit before commissions on the Retail Resale — see How your commission is resolved. Three columns compare the story: At approval (the plan frozen when the project was approved: the sale price, rehab budget, total cost, revenue and the projected profit Current showed at that moment — the sale price is the resale's projected sale price if one was set, otherwise the ARV (projects approved before Oct 24, 2026 use the ARV) — "— not approved yet" until then; Acquisition, Financing, Holding and Selling show "—" because the plan keeps their total, not each one), Current (the projected sale price or ARV, and the rehab budget until rehab costs are booked), and Actual. Under the table, Since approval shows how far sale price, rehab and profit have moved from what was approved. The approved plan never changes after approval: a holding cost, more loan interest or any other cost booked later only moves Current, so it shows up in Since approval as profit below plan. Only roles with Transactions access see the plan's profit and costs — they're never on the deal or in its activity.
- Freeze underwriting now — until the project has an approved plan, a box under the table offers Freeze underwriting now (you need edit access to Transactions and to the Fix & Flip deal). Select it, then Freeze underwriting to confirm: "This records today's numbers as the approved plan. It can't be changed later." Today's sale price, rehab budget, total cost and projected profit fill the At approval column (the purchase price is saved with the plan), and the Fix & Flip deal's activity shows "Underwriting frozen at approval: ARV …, rehab …". A project's plan is frozen once — after that the button is gone. An automator can freeze it for you: tick Freeze underwriting numbers on approval on your go / no-go Approval step, and the first time that step is approved the same numbers are saved. Whichever comes first — the button or an approval — wins.
- Days held, Days on market and Daily burn (loan interest plus holding costs, per day) above the table.
- Net proceeds — what the sale should wire back (sale price minus loan payoffs and sell-side settlement costs) next to what actually arrived. Enter the amount and date and select Record net proceeds (you need edit access to Transactions; enter a negative amount if the closing took money from you); the badge reads Matches the wire or shows how far short or over it is.
- What's in each bucket — select a bucket to see the expenses behind it.
Loan principal is never a cost — only interest, points and fees are. Until anything is booked, the tab says "Nothing booked yet. Expenses, loans and the sale price feed this table."
You can also ask Ask TED — "How's 123 Elm St doing?" or "What did the Oak Ave flip make?" — and it answers from this same P&L, never from either deal on its own. It needs the same Transactions access as the tab.
Automating a flip
Automators can do the flip's routine moves for you: create the Retail Resale, move the project's status, book a holding cost on the project's Expenses tab (Add an expense with Ledger: Project ledger), set a field on the project or on the other deal (for example, copy the project's ARV into the Retail Resale's Listing Price), start another automator on the other deal, or freeze the underwriting when a go / no-go Approval is approved (Freeze underwriting numbers on approval). See Automators for a flip.
From a deal back to its project
A deal that belongs to a project shows a Part of project link with the project's address just under its header. Select it to open the project.