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.

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.

Quick update everyone, this week we finished the Demo, roof, and landscaping and some exterior painting.

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.

Remember the demo will not be free even if someone offered you the property free.

Even if you have the land but the are is trending or flat with crime problems I would stay away as the timing isn't right.You could have to sit on that land for years and if you do not demo the building get hit with constant code fines from the city or county.If it was sighted to be condemned and you didn't demo it the county or city would do it for you with a higher cost and lien the property.I just think for your first one and experience level you need to find something else to go after.

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.  

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

Soon to be demoed and remodeled to a newer, more modern and functional kitchen. 

What I would do now is do all the demo and clean up and then offer it for sale on the MLS.