Complete tear down and rebulid for my first?

[David Pickard]

Hello,

I am still new to REI and would like to do my first deal soon. I have a family member who has a single family home and has not lived in it for over a year, for a very good price. There are a lot of problems with the property from years of neglect. The property is large (for the location) and is in a great location in the town.

My idea would be to tear down the existing SF structure and have a multi-family home built in its place. Would this be a good idea for someone who is brand new to REI? What would be the best way to approach this situation? I would like advice and criticism from everyone, so please fire away.