This depends on numerous factors including the local market, the existing condition, the cost of upgrade, etc. 

Of course, there are numerous scenarios and negotiation tactics that can alter this. 

Invest in flipping and sorts and you’ll high returns on your money but remember high risk high reward.

As a newbie investor, my advice is don't invest for appreciation invest for cashflow and reap your rewards now, if you invest for appreciation you may never reap those rewards and that is no fun.

Many folks are re-purposing unused commercial into residential, and if you do it right, the reward can be big. 

The city will be more of a challenge to manage but if you're into the high risk, high reward..it's there.

I have just seen this happen to numerous customers and when the code enforcement office finds out everything has to be removed and redone to code with all the proper inspections/ approvals.

On the other hand, if you don't qualify for one reason or another (and there are numerous reasons people and entities don't qualify), a portfolio broker should be able to get you done with little to no seasoning.Stephanie

There's a lot to know.It's definitely a rewarding opportunity, but develop a game plan as to what you want to accomplish through wholesaling as you get started.Definitely read some books and get educated about real estate too.

If you have a certain budget that you are working with, interview numerous contractors, tell them your budget and make sure that they can stay on target with that.