Options to create revenue for a Run down house

[Ben Elliott]

Hello All,

     There is a house that is in really bad shape. I heard from neighbors that the previous owner has left it vacant for five years (not confirmed but possible) and just put it on the market this year. I personally went in and saw visible ceiling water damage and atleast one window that was not sealed properly (Large air gaps). The front of end of the house is painted a different color then the back end and the roof is in pretty rough shape. Someone looked at the house recently and told my wife that water was falling from the ceiling during a rain storm.

  I thought about purchasing it since it is going for low 40's but it would be a rough way to start into the real estate arena without having any prior rehab experience. Additionally, my area has other houses for sale pretty close by with less work required. 

House is listed here: 

http://www.zillow.com/homedetails/2205-N-11th-St-T...

    Besides rehabbing, and then either selling it or renting , are there other ways one can generate revenue from a house with this condition? Maybe I am thinking way outside the box, but these are some ideas I was curious about and I was going to research. 

• Are there trade schools or other establishments that would pay for a "real life" class room?
  
  • It would be interesting to see if one could get a rehab on a house with little money invested.
• Could emergency personal use these types of houses for exercises and training? 
• Could there be a way to arrange a deal with some organization that they could use the house as they wish (ethically and lawfully), but when they are finished, they would demolish it? The thought process here is, if a house was bought next to it, possibly growing the property into a larger lot.

  Be interested what other people have to say while I research these options.

Look forward to your responses.