You need to look at the (personal property disposal laws) for your state.

But you'd have less disposable cash and your cash flow wouldn't look as good to other banks for future loans.

I just cut it off close as possible with circle saw and spliced on and supported allIts easy to dispose of bad stuff here yet,,,thats why it should be disposed now if possible and in making your floor solid.Double bagged is all required and hauled directly to landfill with appointment.

After the tear down you'd have disposal, building, and landscaping and not to mention a dozen steps inbetween the obvious ones I've mentioned. 

Go to the plethora of meetups and REIA's in the area to learn about the in's and out's of investingAlign yourself with a good local Realtor who deals in multi-family properties (there aren't that many out there)Find yourself a local lender that can guide you through the myriad lending programs at your disposal.  

Use the free tools that are here at your disposal! 

This is very locally dependent....type of construction, disposal costs, etc.  

I am beginning with poor credit and little to no disposable income.

The electric water heaters are designed to basically disposable after their warranty period.

Let's call it what it is, an albatross that should be disposed of in this and future discussion....and then we can all move forward.