Its a three story brick building that caught on fire in 2002 and has been closed since.

I’m working on flipping a 1500 bungalow with a fully finished basement and was wondering how many man hours it would take to gut the place?

Just keep buying rinse and repeat because here in Arizona by the year 2020 minimum wage to be $12.50 an hour and Mi Mi popped off by the marijuana law might pass in the state there is a bipartisan Ballot for 2018 we could see happen what happened in Colorado and also if you didn't know between the Interstate10 and the Interstate 8 going to Casa grande a huge theme park the size of Disney World is being built .

Basements flood , an empty basement drys out in a couple hours .

It's an oil/gas/agri town about 2 hours from a major center.

I have three rental properties and two of them are paid in full. 

I’m a Realtor with three flips under my belt.  

Another standard is Applicant's monthly household income must exceed three times the rent.

@Dave Meyer my guess is your best argument is the three suing you don't have a lease with you and the security deposit is not their's. 

It is not a quick fix but if the seller really needs more time, then perhaps you can agree to a three (3) month lease.