If it's a long term hold, I wouldn't buy anything beyond what I was willing to rebuild.

Is anyone doing tear downs and rebuilds in the area yet?

That's an expensive process that requires tearing off the siding, bracing the walls while rebuilding the sill, scabbing or sistering the old studs onto the new sill.

Walk away from that deal, you need 3' wide on each staircase, unless that enclosed area is 6' wide inside, and it does not look like it, you will never pass and will have to rebuild the whole back of the house. to demo the whole thing and build it to code, you are probably looking at least $40,000 - $50,000

If you default on one or both loans you can eventually rebuild your credit score but it will take several years and you may not achieve the 800+ score, but you could certainly be credit worthy with a score in the 700s in less than 10 years.  

Zubin Engineer is a complete fraud and that's putting it nicely..this guy tried to scam us 2yrs ago.on a couple of million dollar Reo properties very nice guy personable..provided all our proof of funds letters upon demand.tried to get $1800 origination fee for both deals offered to pay half if I sent overnight mail to a nationwide bank and we checked it out.the ladies name was real but she did not know this creep.he caused my reputation a big hit and took me up until now to rebuild my reputation amongst my  professional piers.I list $10k in earnest money.I filed pikice report with Las Vegas p.d.

I've been trying to rebuild it since Jan this year.  

Hi Matthew Olszak I'm going to see if I can get it to code without having to rebuild the porches.

It is not their job to tell people to remain calm but instead to help our community rebuild afterwards.

Why not just get a listing, put in on the MLS, and get your commission.If you dozed it, could you rebuild something and sell it for $1.4 million?