Looking to buy local property. Interested in strategy ideas

[Jason K.]

Looking to buy a property. It’s pretty distressed. Needs to be gutted. Needs a new cooling/ heating system. For me to be able to use it I would need to install security fence and do some pretty extensive remodeling. 35k in all. The property is in a pretty heavy petty crime area. Lots of rentals/ trailer/ low income housing around. The adjacent property is condemned. The previous renter was a year ago. Was removed by the police in a pretty ugly eviction.

The property is on a main fairway and will allow me greater exposure for my business and allows me to bring the whole operation to one location. Currently have office away from the yard and the PO box.  

asking is 165.  Im looking to pay more like 110.  I was hoping to possibly occupy the space for ayear while I revamp the property to suite my needs and then take on the mortgage. Thinking I would be able to rent the space for less than the mortgage allowing me funding to remodel.

Bad idea?  any thoughts or comments?  Not a real estate guru so would appreciate any help in structuring this offer.