We are currently building a few spec homes but finding finished home lots is very challenging. 

I'm currently engaged, and love the idea of making this small home livable again, and living in it with my future wife (wedding late next year).

Thank you for contributing to this post and let's engage/encourage one another!!!

Take a look at some photos below to see some of the things you should be prepared for if you engage in investing in these blighted areas.

It sounds like you have quite a bit going on, and I would recommend you engage with a CPA to discuss proper tax planning for you.With that being said, generally a business should be a separate entity, such as an LLC.

One of the challenges that keeps many boarded up properties that way, is that the cost of work required would be prohibitive because it might be more then an investor would be willing to be invested into the property. 

I'm sure I could find creative financing, but seems pretty challenging as a first investment when average property price is $300k+ for single family.

Liquidity management will be your (and everyone's) biggest challenge.

Getting deals to the closing table can be a challenge.

@Ho Eun Park this is a challenging question indeed.