In each episode of Flea Market Flip, contestants search flea markets for secondhand items that they can buy, fix and then 'flip' for a profit. Lara Spencer, a passionate lifelong "flipper" who also appears on Good Morning America, hosts the series. Each week she assigns two-person teams a "flip list" of projects they need to accomplish to win the competition. With a budget of about $500, the teams scour a flea market in search of specific project items, such as a set of old chairs to reupholster or an item that can be repurposed. The team that does the best job of turning trash into cash will emerge victorious in this winner-takes-all competition.