If the building cannot be salvaged,  a lender could still provide financing for land value less demo cost.

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

@Dean Malka 10k for average kitchen and 5k for average bathroom Flooring is $4 a square foot for LVP HVAC $5k Electrical panel $2k.This is all ball park.

Investing out of state as a rookie is a major mistake, like starting a land war in Asia.

Speculative investors might face higher carrying costs for undeveloped land or projects.

As a land lord you need to be putting away $1 per day to pay for your future roof. 

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

Seems like the few people I talked to that are selling land in Florida are trying to sell it above retail without understanding that most of their potential buyers are going to be builders. do Not buy land in FLA without doing full due diligence  on all aspects . there are environmental gotchas that you need to fully suss out prior to waiving due diligence

I think you'll just generally have less competition, so your chances of landing a property are higher, but I'm not seeing any bargains due to seasonality like there used to be.

Current prediction is rates will land in the high 4s in 2 to 3 years.