Bob wrote:
Basic plan: get a better house that requires less work, or burn this
one down 'accidentally' after you have some insurance, and start over
with a fresh house.

Seriously, don't buy this house. Start with a simpler one (less
problems) and work up to one like this, so you can better understand
what you are about to do to yourself.

That's your advice? After sitting down and thinking about how to
respond, and knowing absolutely _nothing_ about the property, the house
or how much the house is selling for, you tell him to burn it down.
Riiiiiiiiiiight.

The OP has certainly chosen a big project to start, and may very well
be in over his head, but you have no idea about any of the details
necessary to make such a decision. Not even enough details to make a
poorly informed decision.

To the OP, you have chosen a big project to start, and may very well be
in over your head. You have one major advantage over people reading
your short post. You've seen the place and you know the economics of
your area. It is impossible to make up a game plan on how to tackle
all of the work to be done without seeing the place. Hire someone
straightaway to inspect the house, if you haven't already, and milk
them for all the information you can. You will have to hire people for
a fair bit of the work, either as required by law/licensing or due to
your desire to complete the project within your lifetime. I would
start with a retired contractor, friend of the family or what have you,
to at least get your feet wet and let you know where you need to get
some experts in.

As already posted, take care of the structural work first. Making sure
the place is weathertight may be even more important, but can't tell
without looking.

The major caveat with such projects is that optimism has _no_ place in
the budget. Things will take longer and cost more than you
anticipated. Plan accordingly.

R