If you can sale it, you can L/O it, just like in any other state.

I also offer services for newbie sales professionals and real estate investors.

The Steps:1 - Entry:  For Sale Comps. 

If you want to live in the house and title it in your name you get tax benefits upon sale (if occupied 2 years as your primary residence 250K if single and 500K if married) gains are tax exempt.

I would look at the average sale price in the zip code. 

There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holdingI see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota.

The wrecked house is apparently from the '40s so everything you've mentioned could be present in spades as well as other contaminants.If there's access to the property, recent sales as well as a zillow estimate is pointing at about 60k for the entire thing, but that's assuming just flat land. 

I'm not an official investor just yet but I have studied a lot and I have been in sales for a few years.

He's also mentioned putting the proceeds from sale into an annuity, so he may entertain owner financing which could sweeten the deal.  

***MODERATOR NOTE that this is posted for the initial poster's info, and not a solicitation or sales pitch.