If some resource on the land does get used up, then you can take a deduction for depletion.

Were for me and my experience I see that maybe 1 out of 500 might pull it off the rest would be better served getting educated clean up their credit and work on  cash reserves or cash partners. 

I am in a pretty good financial situation but I am still only 25 yrs old, and I don't want to deplete all my savings on rehabbing the house.

And having cash reserves to pull from to avoid over-depleting long-term investments when markets are down (for retirees), is also wise.

Clean up credit score, call local credit unions and ask for and compare their terms given your current FICO (interest rate, is repayment interest only or not, when does HELOC convert into variable, how do you value the property: by desktop underwriting or with an appraisal).

The fees that you would pay on the policy greatly deplete your returns. 

You're going to pay more for a clean-up if you have 1 CC for multiple properties and don't keep good records.

They put $10,000 in an escrow account and were supposed to use the first few months to clean up their credit and purchase the house.

I'm working through the process now with AirBnB and clean up companies.

Account Closed exterior cleanup and paint, cleanup of inside common areas.