Got burnt (literally) and don't know what to do

[Thomas Jonsson]

I took my first step and bought a SFR in Indy from a wholesaler. It only needed minor rehab and would then rent for $800. Things were going very fast and smooth and I was excited. However; after only 10 days of owning it, someone decided to burn it down - or atleast half of it. I can admit this was not in a great part of town - and the fire department thinks the previous renter may have been some kind of drug dealer. 

Through a lengthy and thorough insurance claim, I doubled my money so that was very good! Unfortunately, now I got an "order to repair" from the city (and not complying will result in fines) but repair is out of the question - simply not worth the cost. And demolition would probably be in the range of 10-15k - which is more than the value of the land. 

I'm thinking to demo the building and hope that someone will pay 5k for the lot to get some of that money back.

But I would love to hear if anyone else has a similar story or other suggestions on what to do? Any and all suggestions are welcome. 

[Wayne Brooks]

Uh, it takes heavy Equipment, trucks, a license and permits to completely demo/remove a house.