Depending on the severity of smoke damage and structural issues, it could be a huge challenge for first time flip.

I wonder how they are structuring these ? 

Since you're not looking to make it a full-time career, you might consider passive investment options such as investing in real estate syndications - this GP/LP structure as a limited partner, allowing the GP to earn you a return allows you to invest in real estate without the day-to-day responsibilities.

There are Different ways of structuring lease options.

How are deals like this usually structured? 

It works just fine if the operator knows what theyre doing and structures it correctly.

Consider balancing liability protection with administrative costs, and consult with a CPA to align your structure with your financial and legal goals.This post does not create a CPA-Client relationship.

When looking to structure a deal like this, look for a dated property in working condition. 

So, valuation of property is split between land and structure. 

They interpret financial data, file taxes, and help structure entities for tax efficiency.When to hire a bookkeeper?