Rehabbing a condemned building

[Rondi W.]

I'm thinking of rehabbing a condemned residential house (concrete block on a slab) in a fairly decedent older neighborhood that last sold for $10k and is now in foreclosure. Homes in the area are estimated to be worth around $100k. I'm currently looking for a contractor for estimates of what it would cost to rehab. I am on the verge of completing my first buy and hold, but would really like to include flipping, as well as section 8 properties. I would like to get some advice on things to avoid as well as things to focus on. Thanks.