Unique property opportunity question

[Michell Chase]

We have a unique property we are looking at in upstate NY.  It is listed for low 40’s has been on the market over a year, went to auction and didn’t even sell I think we could get it for less.  The duplex itself is a disaster it is a 3/1 and 3/1.5 vandals got in when it was vacant and cut pipes and electrical basically would need to be gutted and probably over 100k in renovations.  The unique part is that the duplex is in the city and is on a huge corner lot that is 1/3 of an acre so could potentially hold another structure and the sale also comes with the neighboring lot that is smaller but is also large enough to build a structure.  I see a lot of potential with the vacant land as well as rehab on the structure.   Just curious of thoughts on that.  Also the seller got the title from the city on a tax sale and can only offer a quitclaim deed so is offering seller financing.  We already have hard money lined up to cover the mortgage and rehab.  Not sure about that process would I have to accept his financing being it’s a quitclaim deed? 

Thanks