@Annette WanamakerI'm a multi-family broker and we ONLY do offers subject to interior inspection. 

The standalone studio ( 20x20 ) is needs interior and exterior paint and light rehab items to finish.

Internal Rate of Return is another relevant metric.

Going to be obtaining a brokers license in Illinois, ready to learn and be a grinder for any company, hoping to intern this summer in Chicagoland area.

@Jack Jarvis I see you already have a response...and you may get more...but I think you'll get a lot more in the international real estate forum.  

This house is around 700 sq/ft with a sagging roof, 1 interior wall separating this area with the kitchen, minimal floor joists, hardly any electrical and no plumbing.

.- A door to allow access from the main unit to the rental internally [ this is largely optional, I might consider just covering it up with board if thats a cheaper alternative.]- A kitchenette.

It could be expensive to get that odor out, ie, new interior paint job.

@AP HorvathHire a successful local mentor who doesn’t charge a lot or do deals with them to get a good internal understanding

We can usually find interior doors for $15-20 and exterior doors for $35-50.