Any idea what a demo costs? 

Answer to your question: Not knowing the pricing, potential rent, your exit strategy, or true property condition, I don't think anyone here has any idea how to assist you at this point.

Take the second step, and set up keyword alerts for your local area of interest, topics you might be interested in learning more about, etc.  

Any idea if that is true?

Hello,Hey I thought it would be a good idea to join in the discussion because Abdul King and I have similar goals.

But seriously since your in that arena contact a local small builder to give you a basic idea.

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

Looking forward to learning new ideas and helping others along the way.

What you are describing is a horrible idea.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.