I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

Mentorship and joint ventures are excellent ways to gain experience, and it’s essential to start small, communicate clearly, and build trust.

Essentially that's what you described doing, but with the added complexity of the auction process.

Eventually, the supply of essentially free house and/or suckers runs out, or law enforcement catches on, or some combination of those factors.

Fridge filter is like a lightbulb it is a consumable that they can get or not get, makes the water better or I suppose the fridge smell less but it is not essential.   

You collect market rent (You might be collecting less net rent without a PM, you’re essentially managing for free.)

The definition of a good deal is essentially buying right for what you're trying to achieve.

If you rent out the downstairs for $1400, you will essentially pay $1,600 for the upstairs apartment.

Develop a team with essential members, focus on moderate property prices and high demand, and start with cosmetic flips.

The 18% rate from the lender is the same as our preferred return.We consider this more a bridge loan as it gets us to the pre-sale stage, and we can use pre-sale funds to pay off this debt position, essentially refinancing.