Is it possible to rehab a house that was atleast halfway burnt down? There is only about 1/2 (the front half) of a house left. Or do these need to be torn down and started over?
Yes, you can repair them. Usually you can get these burned houses for 10% of their retail value, so purchase right as it’s a major rehab job… especially if you have to do it “by the book” and pull permits for everything. If you have to pull permits that means that you’ll have to have licensed electricians and plumbers if it’s an investment property… if you can get away with saying that you’ll be occupying it yourself then you may be able to avoid having to use licensed contractors (which tend to wreck your profit margin). There is a type of paint that will cover the smell of the burned wooden structure that were scorched, but not burned sufficiently to warrant replacement. If you don’t use this to cover the charred wood you’ll always smell it in the house, even if you re-drywall over the scorched studs.
Burn-outs are an excellent source of income for the experienced rehabber!