What to do if the structure (demo) may be less than the land?

[Alicia Aldridge]

I am extremely new to wholesaling and am trying to learn before making any deals. I want to learn to do things the correct way (legally, morally, and ethically). Since I have started my research, I have began to think about many scenarios that may be realities once I start my business.  One question that has been on my mind is the possibility of locating a property that is so dilapidated that it may be a complete demo or gut; thus, making the land worth more than the structure. In this case, how would one approach estimating the correct offer price?  Full disclosure: I've seen a property that may fit this description.

Any guidance is greatly appreciated. Thanks.