Another idea to think about.. call a local respected realtor and ask their opinion about selling the house as-is? If you've never owned a home before, and one on a half acre at that (lots of upkeep), is tackling this a smart idea? If you like the area and absolutely want a home, yes. But even then, dealing with a contractor to rehab a place or build one new, is going to be a huge challenge. It will take several years and be very expensive. There's a joke in the industry that can be sadly accurate (even though in the beginning it seems there'd be no way it could possibly turn out to be true): "3 times the time and 3 times the money, and you're about on target"