Buying A House For Demo?

[Lorenzo Spurrier]

I'm interested in purchasing a property to demo.  I initially had the idea of renovating the home, but when I realized it was actually not a possibility my mind changed.  The highest and best use of the subject property would be to demo it.  

The home sits in a highly populated area, off of one main road which has a fair share of traffic.  It is sitting on .5 acres of land.  There appear to be similar lots nearby on the same main road that have brand new homes.  (Including the home right next door)

The ultimate question I have: What ways can I fund a project like this?

Has anybody done a similar project, and used a certain way to fund it? Did you use your own capital? Did you use a bank? HML? Private money? What's the best approach?

Do you think this is a waste of time? Have you tried this and has it gone well or has it gone sideways? I'm looking for opinions and constructive criticism so I figured the internet is the only place I can rely on for that.  All feedback and comments are appreciated.  Thanks!