Derek Hough and Mark Ballas are taking on a new project together and it has nothing to do with dancing.

HGTV has announced the two Dancing with the Stars pros, best friends and roommates will be starring in their own home-renovation series entitled Mark & Derek's Excellent Flip.

Mark & Derek's Excellent Flip will air over the course of four episodes and feature Hough and Ballas as they gut and fix up a Southern California home they've recently co-purchased. Looking to flip the house and resell it for a profit, each entertainer will play a big role in the renovation process from "demolition to decor," according to the network.

"Mark and I have worked together for years, but flipping a house is uncharted territory for us," Hough said in a statement. "At the end of the day, this house is a significant investment in more ways than one, so we have to make this flip work. We're putting our own blood, sweat and money on the line."

Added Ballas, "When we bought this house Derek and I both had BIG ideas. Since I am not much of a DIY guy, I'm really grateful that HGTV has stepped in to lend some expertise. We have good creative vision within several areas of the rebuild and I am really looking forward to seeing some of these ideas come to fruition. It's an important summer project for both of us!"

Mark & Derek's Excellent Flip is slated to premiere on HGTV in early 2015. The series will be produced by Scott Sternberg Productions.

Hough, 29, is a five-time Dancing with the Stars champion who had most recently won both the show's sixteenth and seventeenth editions with his celebrity partners Kellie Pickler and Amber Riley respectively.

Ballas, 28, won two seasons of Dancing with the Stars. He was crowned champion with partner Kristi Yamaguchi at the conclusion of the show's sixth season and partner Shawn Johnson in Season 8. Since then, Ballas has been unable to finish above third place.