Totally doable.

@YiBing T.I totally agree with @Phil G. 

I was totally thrown off when that started happening.

Do not rely on it for legal advice.

Should I just assume a total tear out all the way down to the studs?

Totally depends on your goal. 

If your clients potential property is not right on the corner or next to the corner with a cross through from the corner tenant then likely you are not getting much cross traffic from both roads of traffic.You also need to look at where the property is located.A road could have total traffic counts of 30,000 cars a day but that doesn't mean both sides of the road are equal.

Do not rely on it for legal advice.

Some Quick Numbers: Depending on your capital gains tax, I'd probably sell and use the money to buy a couple of places using Subject To that cash flow at about $500 a month for a total of $1,00 a month (Phoenix, Mesa, San Antonio, Ft Worth, etc). 

However, your flip needs to have enough earning potential to cover the HML's high points (fee) they charge at closing and gets rolled into the loan (3-4% of total loaned amount). 3) I did my last flip with putting a conventional 30 yr fixed and paid the down payment and reno costs in cash/LOC.