I would consider this land in a good location and know at least 2 people who maybe interested in buying it if I could repair or rebuild it.

When they need major repairs, often complete rebuilds as the mortar wears out, I just close them up, cut the chimney off below the roof and roof over it. 

They do real work, lay flooring, demo, build decks, sister framing that needs it, sometimes rebuilding the framing, lots of stuff.My first CPA said, nope, do not file the w-2s for them. 

Just like you see in the comments above, many will tell your prospective buyers to walk away.2) if a major damage happens to the property (fire, flood, hurricane, etc.) the city will not allow you to rebuild it and will force you to conform to the current zoning. 

Have you looked into credit rebuilding programs?

It would take a pro 3-5 days to gut and rebuild.

I wanted to rebuild them on a pitch using a TPO tapering system so the water would trickle off the roof.  

Dwelling (Building coverage)     The limit should be based on the Replacement Cost of the building (cost to rebuild with      the same kind and quality excluding the foundation)2.

Scrape and rebuild has also worked over the last few years too.IMHO multi-family lies lower on the risk scale as higher rent/appreciation ratio ie higher percentage of your return is in your hand (but taxable).

Ortonville and Baldwin area are nice ..anything in Royal oak, Berkley ( which is were i was born ) is always hot ..some parts of Warren , Sterling heights ... just about anything in the 248 area code ... but like any area you just have to watch and research and  watch and research watch and research .. then execute ... it should not take long to determine on your own which is the hit areas .. also never hurts to join a local reia. and get to know your agents and brokers right away ... i seen a stellar deal up in Ortonville about 1.5 months ago .. the arv on the place was well over $250k and they were asking $54k .. i dont care if you had to tear it down and rebuild ..it was worth it ..