They have more skin in the game then you do.Make sure you get clear title.

We are talking about cleaning a fired glaze surface.

Overall the house has great bones but it will take a few grand to complete the punch list of items needed to remedy: radon mitigation, surface mold in attic, slight leaks at a few easily accessible spots in the roof, electrical service work.

A base cabinet to the right of the stove, not so much for a buffer but so you have surface area to put utensils and such on.

On the surface it may look like all you have to do is put up walls because there is probably already a roof but what you are thinking can require work not only to tear down the existing but rebuilding all the way from the foundation and including at least one wall typically from the living room, not a good idea.

The previous LL have zero skin in the game and will often be more reliable.

You are going to want it cleaned and filters changed in order to help get rid of the smoke smell.You are going to want to wash every surface that you can get your hands on -- walls, windows, fixtures, painting may be easier depending on how bad it was.

Now if you use a private lender then it is whatever you can negotiate and get them to agree to.Banks and even hard money lenders want you to have "Skin in the Game" In other words they want you to have some of your own money at risk so if things go bad you are less likely to walk away.

@Calus Glispie the purpose of earnest money is for you to have skin in the game.

IDEALLY I would love to find an investor who basically has been doing this and wants skin in the game but does not want to deal with the head aches of the construction or management side.