We just purchased a burned out old house in San Bernardino, CA. The lot has two houses on it, front 1100sf got fire and almost burned down; back 600sf is ok. Now we plan to rebuild front house. We are still not sure if this will be a good investment, since this kind of area is brand new to us and have no idea of the whole procedure and cost will go how far.
OOOooo...What an exciting time for you! I also have no idea if this will work out, but I can't wait to find out! Please let us know how this goes...even giving updates as you progress. I want to know! :-)
I can tell you I knew a house in my hometown that got burned pretty badly (maybe not THAT badly, but still, not good). It was fixed and now rents fine.
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