Just some food for thought.

Find a contractor Find a house that doesn’t need major walls removed/moved, and a house that doesn’t need demo’d and rebuilt Take the contractor with you so the contractor can write up a scope of workSubmit everything to your lender Once everything is finalized the contractor can start on the rehab and get draws from the lender At the end of the deal the bank refinances the house out of the 203k loan into a conventional loan as long as it has 20% equity (which it will have to before the bank will even approve of the 203k loan. 

Here in NJ court proceeding are supposed to continue- you just cannot remove a tenant until 2 months after the state of emergency ends.

For $4M you could literally live in a castle in beautiful Summerlin in a brand new construction home in a gaurd gated community with manicured streets and Whole Foods and 10/10 schools nearby.

@Anil Rathi you do not have to test or remove only Maine requires that.

New flooring, new paint, open concept (remove walls), washer dryer in unit, SS appliances, tile bathrooms, etc.

It should have said the increase in selling price with the Aluminum Wiring removed.

Was not sure if there is a way to have the city remove them or place them in a better place (homeless shelter etc)? 

Got a new solid tenant within a week.We found out the old tenant shortly thereafter stop working so likely would have had the ability to reside in the property without paying any rent for the entire remainder of the original lease term because of Covid eviction moratorium and court closure, and then court back log even after the original moratorium ends.We just got lucky (or feed up with frustration) by taking proactive steps to remove a problematic tenant.

Basement will need to have the asbestos removed and the extra pipes that lead nowhere or do anything.