I put together the MSA comparison for each major MSA markets for real estate and Nashville, TN was an interesting data point.

It has been very well taken care with the major nuts and bolts like the windows, roof etc being in good condition currently but it was basically treated as "if it's renting and not broke don't fix it". 

From talking to someone who also is fairly new in this field, I found that all major banks he went to told him they didn't offer Cash-out refinances on rental property.Does RBFCU offer CORE-Fi on investment properties?

The majority of the rest you will only really learn by going through the process.

A friend of mine who’s a realtor is telling me I have major equity.

Depending how extensive the fire was, it will probably need all the major stuff like wiring, plumbing above the slab, a/c, flooring, some framing, roof, sheetrock, etc.

This was a vacant lot that was advertised online with a no reserve auction for $101.

@David Edwards cash for keys is a major mistake.

You can also check their reviews online at Google, Facebook, or Yelp.

I do recommend to use inspection, especially since I am abroad investor.In addition, the inspection report help me to make sure the contractor quote covered all major issues, and I also use the inspector to visit during the rehab to make sure the contractor finished each construction stage.Investing ~$250 in inspection in compare to the money you invest in buying and rehabbing is not major and reduce your risk.Good luck.