I would offer it on a land contract to someone wanting to live there for around 1500 and small down payment or sub2 with a large down payment and monthly that would cover PITI.

I have been in construction/rehab/renovation most all of my life so I have that covered.  

Hi Owen- Most others have covered the specific areas to consider.

Hey Robert - Condos and apartments can be a solid entry point due to lower purchase prices and potentially lower maintenance responsibilities, especially if the HOA covers exterior upkeep.

It has sat empty for the last 20 years but the current owners have completely gutted it, have bids from contractors they're willing to share, cost estimates etc. and have had lots of inspections done and so much pre-work with the city and county to figure out what they can and can't do, so a solid plan is already in place.

These templates cover various aspects of subcontracting, including responsibilities, materials, and liabilities3.

She is transforming an existing structure into a creative studio space, seems cool, and I want her to succeed. 

You take a HELOC for your primary renovations at 7%, invest the funds from option 1 to cover the payments of the HELOC.

Maybe it exists but aside for rookies I know who have zero knowledge as to what they are speaking on, I have never heard anyone assume most flips are winning these days.

So you're going to have to do some research on the existing towns you're looking at to see where it's allowed and where it's not allowed.