Free Property in Terrible Shape

[James Smith]

Hello, 

I am a new investor and new to the real estate world. I have a property that I will be getting from my father. This property is a full blown renovation that will include: gutting the the entire inside and stripping the roof. New plumbing, electrical and it was previously ran on a propane tank. Property has no natural gas ran to it. I have been researching the local market and I could sell it for at least 70k. I am just curious on others opinions and possible costs. Should I go ahead with the renovation or forget about? I believe it will take about 30k to rehab this house. Any information of insight is greatly appreciated. Thank you.

James