It had a shower, sink, toilet and electrical  sub-panel, however no 4th wall or door. 

I'd cut out the vertical "post" between the "window" and the door, install a frameless glass panel on top of the wall leaving a 4-6" gap at the top, do the door so the top of the door and the top of the glass are at the same height, hinge your shower door so it's a left hand door (hinged off the right side).  

The Knob and Tube is a type of panel - and you often can have such a panel but still have the shielded wire (bx).

For this I'll assume worst case:ARV - $190K(No closing costs for buying- cash deal) Purchase - $157KThat leaves $33KFloor repairs - $5KHVAC repairs (if needed, its old but I don't know if it works) - $4KVarious replacements (window seal, replace thermostat, one or two panels of vinyl siding) - $2KRemaining $22KSales Agent Fee (6% at $190K) $11,400CLosing costs selling - $5KProfit remaining: $5,600I have a friend that has flipped a few homes and he says there doesn't appear to be any unforseeable problems - it seems like we should be able to paint, clean up and do the rest within one month. 

Thank you so much for your reply, i really appreciate it...Not to sure of value but house sold for $57,000 back in 2013Seller owes nothing on house, all taxes are up to dateNo repairs needed on the inside but outside needs a couple vinyl siding panels put back upZestimate is $81,783 Purchase and Sell Agreement - $0 Earnest Money - 10 days due diligence - 30 days to closeExit Strategy - I plan on wholesaling/Flipping 

It's not the optimal solution but this is for  times when the water is about to reach the electrical panel.  

The Utah REIA meets next Tuesday night and I have an expert panel of flippers, wholesalers, buy and hold and joint venture partners scheduled to tell all of what is working for them now and how to make it in a tough market. 

SJREIA Central is having a meeting in Princeton on August 18th with the Topic: Lender's Panel: Discussions on Hard money - Credit Union - Conventional Mortgage loan options

@Bill Gulley wow thank you very much, the perimeter of he house is all brick so I'm glad you added that in there with the sandstone. i have looked into the electric, which is all bx and Romex with two new circuit breaker panels.

A few ideas that we came up with:- Solar Panel farm- Animal grazing (not sure if that actual generates income)- Shooting range- Camp groundsIf anyone out there wants to share ideas, that would be great!