I'm interested in wholesaling, flipping, and eventually buy and hold for residual income...

This is the area that breaks a lot of people, as you can go to Lowes and figure out how much 10 cabinets cost, and 10 feet of countertop, but you forget to add in construction adhesive, shims, caulk, cabinet knobs, drill bits, ETC ETC ETC. 

Another option is to do a decent enough sanding job to remove the old adhesive (check for asbestos) and then apply a high quality floor paint.  

It’s legal, and doesn’t leave residue or smell like cigarettes.

I'd keep whatever was necessary to remove any evidence that anyone ever smoked in the house (remove smell and any residue). 

The seller would provide an "adhesion contract" to sell the building for 85K "AS-IS", ARV is difficult to calculate since it is no COMPS in 30 miles. 

I think though you just work it backwards.what is rent per sq ft.. price to build leaves U residual for the land.. 

Are you wanting residual income or to make money flipping?

I truly feel what every investments you become involve in find a partner that is open to 24/7 communication and be involved as much as possible. real estate, real estate is a solid investment over time from appreciation of property, tax deprecation benefits, cash flow = residual income. hope this helps....

I think starting out from the back door as LP gives you a great way to learn and make some residual income at the same time.