Property burns down, check goes to them/their bank. 2.  

Well drafted agreements can make sure you don't get burned.

To me it is a depreciable asset ;-) Turning a ceiling fan on or off should not burn it out, but if you put in a cheap or contractor grade unit then it may cause problems.

@Reuben Harris I believe that we all have a story similar to this somewhere along the way where we were burned.

If you have a particularly burning question, don't be shy about posting it in the appropriate forum.

Already at the entry level I feel a burning desire to succeed in real estate and a passion I've never felt before.  

Got burned and back-stabbed.  

@Marc Woodward...burn it down...just sayin'alternatively, get it repaired enough to rent to a tenant that covers your mortgage payment....sit on it an do repairs as you can...should be a sweet equity position in 10-years!

Some agents probably just got burned from some dishonest people a time or too and it left a bad taste.

Generally speaking, you'll still pay as much to demo, as hauling off the debris is the expensive part (and it's unlikely the fire department will do that for you)...The benefit is that you may get a tax benefit by donating the house to the jurisdiction for use -- of course, it will depend on whether it is "safe" to burn the house down for training purposes or not.