It seems like if the building burned down I could demo and rebuild a new building on it for less than half of that 1 million amount.Thanks a ton for your answers already, hopefully I will have a property under contract that I need to speak with you about in the near future :)

This post is purely for ***** and giggles to break up the monotony before I burn out.

I like creative financing with a project like this where you can't get burned.

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

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

@John BlytheYou are way ahead of the curve already by asking this question on BP.I stared with $500.00 in the 1990s and began buying unwanted rural vacant land and selling it on the internet for twice what I paid (each deal).  

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.