I'd need to buy an HVAC unit and air it out for a month after completing repairs.The question is, supposing the land is worth $25,000 and it'd take $30,000 to complete the necessary repairs... is it worth trying to salvage or should I demolish and do something else? 

It all depends on location and quality of the golf course.One of the great aspects of a golf course in terms of depreciation, is that a very large portion (sometimes up to 60-80%) is actually land improvements, which depreciate over 15 years as opposed to 39 years.

The land and asphalt all add up by adding 10 ft.

I’m located in the suburbs about 30 miles outside of Chicago. I’m looking to get started with my first property. If anyone is interested in a partnership I’m your guy.

Then, you can subtract the cost to build from the average price in the area to get a rough idea on what the land value is.

$750-$800 will land you a solid apartment in Greensboro, you will have to shop around though as the areas in Greensboro are quite mixed!

I saw the property, and realized it was in pretty bad shape, but had A LOT of potential.

An interest in local government and real estate would help.The developments of empty land into subdivisions that I've worked on have involved those area the most.  

This made most land lords adjust rents in line with this.

@Andrew Boettcher thanks and no way shape or form is this post intended for fraud.