Flipping ugly house

[Ernest Lopez]

In negotiations to buy a really ugly and really cheap house. It honestly looks like it should be demolished. Foundation shifting, roof repairs needed, walls and floors have big holes. I’ve heard that demolishing a home and rebuilding is very expensive and tricky. I also heard that There are loopholes to get around demolishing and rebuilding. Like completely remodel a house but leave one wall up so I don’t have to deal with the hassle of new home building. Looking for advice or tips on either of these two strategies. Demolish and new home build...or...look for loopholes