I'm starting demo on one today in Hutto that will cash flow a little, but I got it at 10-15% below market value.

It would be cheaper and faster to demolish it, dig and pour a basement then buy a manufactured home of about 1800 square feet and spending $14K on giving the barn and out buildings a face lift, adding a gravel drive, landscape, plant trees, fix fence and sell or demo the junky trailer.

You will save some demo cost.

We'll do some demo, cleanup, patch, prep, landscape, etc and then give it a 10 day test on the market where we often sell quickly.  

I'll be able to do a lot of the demo myself with some cheap labor, but don't want to factor that into my budget.

Either fix or demo the extension.And use this as an (expensive) lesson.

You can see that glazed over look in her eye when she begins to tell us about giving 15k to  a contractor to install hardie board siding and all he did was the demo.

If things appear decent enough my idea is for my husband and I to purchase and put in major sweat equity to demo and remodel.

@Cornelius Garland  yup probably the number one biggest  deceiver in all of REal estate the wholesaling guru  ... touting how to get rich at this when in fact as YOU know this is a very advanced strategy takes a bunch of money to really make any money and very very few will do more than a deal or two a year.. to me a complete waste of time an energy for 99% of the people who are not committed like you and your partner.PS have you driven by 881 Ashley that I bought from you... turned out it was full of termites so we had to demo it and build a new build... going to market a t650k.. looks like we will make 200k on that deal. so thankyou for thinking of me on that one.

I just got my demo permit..