He made it super nice, replaced all the windows (shot out), and rented it out.

While those resources are great, an even better approach is having someone physically be at your job site showing you the best way they have found to do a specific task like: cabinets, baseboard, windows, doors, plumbing, electrical...

Extensive termite damage, framing, windows, all major systems, roof, appliances, baths etc. 1200/ft and will run about $80k and that is self managed - not paying for someone else to manage that for you.  

P.S- One thing I've learned is that its very imporant to make sure major mechanicals, roof, foundation, windows are all in good shape since these are more of the costly repairs. 

My father in law is looking to get the siding repaired or redone and several replacement windows. 

Everything with the house is new except for the windows as we wanted to keep the character.

Or are there exceptions that will lead you to throw the 1% Rule out the window?

In the only photo online some of the windows are boarded up.

The building was appraised 6 months ago for $800k, we are picking the deal up off market for $350ish if we close in the next 3 weeks.The building is 19,090 sqft of brick and in need of a roof (maybe a patch job), 50 windows, electrical, heating and flooring estimating around $350k.At $700k project cost + holding expenses, our goal is to flip the property and provide a vanilla shell to the county/city courthouse, laws offices or medical offices.

For it to work and be attractive to an investor, I'd recommend these tips:- Keep rents close to market rateIf you're in a seller's market, try to restrict showings to serious investors - those who have financing lined up and are willing to make an offer subject to inspection- Provide tenant some flexibility for show times  - for example a time window for weekday and a weekend. .