Structurally it’s in very good shape.

It's cool to know how to use tools to a do analysis but it has to be utilized properly.I have seen several flippers who have read Rich Dad Poor Dad; had every Performa, chart, analysis package, market analysis reports, cost benefit analysis, work break down structures, IMS and much more and botched every project. 

The issue in most instances is the inability to articulate the risks and how these structures will actually help and therein lies the issue and why most go over the top on asset protection expenditures.

It's basically a ruined farm house with 3 structures.

They are structured via 506b so they are not allowed to market publicly (and only through referrals).

Looking for guidance on options. new builds aren't hard to finance and I would argue they are preferred to existing fix and flip loans, especially if you have experience. banks look at your experience, your builder's experience, loan structure, permits, etc you need to get an experienced builder familiar with advanced underwriting and negotiations with local, regional, and national lenders. in columbus we do ground up construction for clients at a 20% discount so they can BRRRR out of the new build with equity and we have pages and pages of data on what we build and why and it's all supported by market statistics. 

It would be wise for a buyer to feel confident that the building is in good structural condition, that it has a certificate of occupancy.

If they are legit and you don’t have any other offers then I’d have the conversation with them but I’d want a higher than normal down payment (ideally 50% or at least more than the normal 20%), a higher than normal interest rate (at least a point above the prevailing rate so like 9-10% right now, but you can structure it as interest-only payments so their monthly payment is still lower than conventional), amortized over 30 but with a balloon in 3-5 years, something like that.

(I realize there are alternate structures - this is how we are doing it.).

This structure simplifies management, centralizes ownership, and provides an extra layer of liability protection.Tax-wise, the state where each property is located will still require income tax reporting and LLC fees.