I have this listing saved so I can go back and see if it actually sold, but seeing the listing history of it being marketed and pulled I would not be surprised to see this sit without a buyer and then get taken off the market again.

@Steve S...It depends.  

The property looks likes it needs considerable renovation inside, outside, and landscaping etc.What processes have you found successful in coordinating an estimate of rehab costs.I don’t know if I’m sitting on a gold mine or a dump.1.Should I be scheduling a time to meet the realtor and a GC at the same time?

I know you do, look at the house as it sits, ask yourself, how much will it cost me to do what I think it needs to appeal to most people in this area?

You have to really analyze where the project could go bad and have contingencies in place in case you run up against them - i.e. the house doesn't sell, you have unexpected costs during projects, what the SOW of the project will entail, what your marketing costs are (his wife as an agent will help minimize these costs), what if something unforeseen happens and you cant finish project, whos name the house will be under, and that might determine who will be able to pull permits if needed, etc.Anyway, you should spend A LOT of time going over "what ifs" and sit down with your attorney and pound out these details.

You have $20,000 sitting in your bank account and you have the following two choices:You can put the $20,000 into a Roth 401K, invested in a vanilla mix of stocks and bonds (which of course includes underlying real estate sector exposure).

From what I can find in the records, they bought the house almost a year ago for $44k and it has been sitting vacant for longer than that.  

My long term goal is to hit $1,000,000 minimum sitting in my savings account.

If you had 100k cash sitting in the bank, what would you do with the money?

If you are looking to buy in a crazy expensive market, you might do well to sit on your hands and let your down payment grow.