The flying car idea has been around since the 50's and probably long before that. There is such a compromise between weight and strength of materials versus the compromises that must be made to accomplish both missions (street and air)... this has been a tough nut to crack. In the 70's my dad was pitched investment opportunities in a very promising looking flying car. Back a ford pinto into the wings/tail/pusher engine/prop assembly of a cessna skymaster (center-line thrust twin that has a front engine that looks like a normal high wing cessna, but is has a twin boom tail with a second engine w/pusher prop). this looked very promising until the structure failed and the developer perished in the crash.
With modern composites and the improvements in materials over the last few decades... this looks like it may be the real deal....
The AeroMobil 3.0 Flying Car Has Arrived