Need help! first time investor!

[Festus Emore]

We are looking to purchase a property in Melbourne, FL. It is a 900 SQ FT home built in the 1960s and sits across from a cemetery. The home is in bad condition and has not been lived in for several years. We've been going back and forth trying to decide if we should renovate or rebuild. The property is being sold for 29K but we are worried with cost of renovation or new construction we will not have enough upside to profit. We are extremely new at this and feel like we are hitting a wall and feel like we need some guidance. We would like to use this as a long term rental but flexible to short term. Any words of wisdom or guidance would be greatly appreciated.