Try starting with a preliminary title search which may answer a bunch of your questions.

@Bryan NealAs an agent, I run preliminary numbers in an attempt to filter out the garbage.

Okay, here are the preliminary numbers and a few pictures of this property. 

I do believe it is a slow start, but I think it will be a good initial pace for the both of us.Although technically in the preliminary stages, I have been able to save $800 for the month of July, to build my investment reserves.

PS just looking at some preliminary numbers and this could be a great deal if the bldg structure is solid!

would like to know if it is possible to do some preliminary work with an architect to understand the cost of my development for fund raising purposes.How accurate would such an approach be?

I am still awaiting the ARV numbers from my agent but preliminary numbers from Zillow and other sites is around 125K.  

You do need to have a preliminary inspection of the property to assess if you're going to have work to do once it is empty.

Use it as a preliminary step to help you weed out properties.As the housing market improves we'll find fewer and fewer areas that can meet the "2% rule" but that doesn't mean there isn't money to be made in rentals

To your point, why has this not been done already with so much preliminary work started?