Buying a Vacant Distressed Property

[Bill Mitchell]

It looks like I will be able to get a smoking deal on a property here in DFW that I might buy for myself its so cheap. Well, buy for myself temporarily. I was considering taking title and then sticking the property on auction.com to sell to the highest bidder, just to get my feet wet a little instead of just assigning the contract.

I have never purchased an investment property like this before. What items do I need to get in order to proceed?

Utilities: How do I have these killed once title has been transferred.

Insurance: How would I go about getting this property insured? Its vacant and distressed, but what happens if it somehow burned to the ground? I would sleep easier at night if I were able to get some sort of coverage.

Liability: I will own a vacant distressed, house that is not structurally sound for a month or two (hopefully) before it sells. But what if someone were to break in and injure themselves, I need some sort of protection against this.

Anything else I left off the list feel free to add, thanks everyone.