I've had two separate friends that have been on the show. When I asked one of them what it took to get onto the show, he stated:
"You only need two things: a good-looking wife and $150,000 cash IN HAND" (the money for the house renovation)
He then confirmed to me that he already had their house picked out and purchased. It was the second house on his father-in-law's property. Fixer Upper staged the entire "search for the house process".
One other thing both friends mentioned is that the renovation is NOT a complete house renovation unless you have the cash for it. If you don't have the money for a third bedroom/or third bath update, they don't do it and they don't show it.
Staging day - they bring everything into the house and when they are done shooting, they take everything out (unless you want to buy it). I believe that do let you keep one piece.
All-in-all, both friends were satisfied with the process and their homes.
It's reality TV, so it's completely fake. They knew that and had a good time.
PS: I'm not bashing the show. My mom and wife love it. I enjoy watching it to recognize the landmarks or determining if I can pick out the neighborhoods. I certainly appreciate all they have done for Waco and our image.
My office is about two blocks from the Silos. I live their impact everyday driving thru the area.