Rehab or Demolish and Rebuild

[Jake Thompson]

Hi all, 

I've come across a home in pretty terrible condition and am attempting to contact the owner to see if he is interested in selling. The goal would be to flip the property which is in a small town in the Albany/Salem area of Oregon. This would be my first flip so I would need to partner with or wholesale it to another more experienced investor.

While I'm waiting to see if he contacts me, I've been thinking about the next steps that would be involved. I spoke to the neighbor to get more of the story on the place and he said he thinks it may need to just be demolished and rebuilt instead of rehabbing.

My question is how would I make that determination? Bring in a GC to walkthrough the property (assuming seller is interested in selling)? How do I determine cost of rebuilding? Am I better off just passing this big of a project on to someone more experienced? I see great potential as it sits right on main street of this small town but am having a hard time figuring out how I'd make the decision to rehab or not. Thanks!