Agree the advice above. It's your first property purchase and a dodgy proposition, so whatever else you do, don't skimp on professional legal advice to make sure you get good title with no liens hanging over it, and make sure the right planning authorisations are in place. I'd have an expert look over the land (no sinkholes, I trust?) and buildings, too - if they can find problems which you can use to negotiate the price down with the bank, they will pay for themselves.
You don't say what your income is, how secure it is, and whether or not you have done a budget. You and your partner need to sit down and work out income, outgoings and debts. If you have had trouble paying your bills, work out whether you will have any headroom after paying your living expenses and paying down your debts. It is the amount of monthly headroom you have which will tell you whether or not you will be in a position to take this property on. However cheap it is, and however frugally you do the renovations, you need more coming in than going out if you are to cover the costs of taking it on.
Once you own a property, you are tied to it and its taxes and maintenance issues unless and until you can sell it. If there is the possibility that you might need to move to another area for work in order to maintain your income, or for the kids to go to school, or to look after elderly parents, etc., this property could end up as a liability rather than an opportunity.
Also, it may not help your credit score to move to an address like this - sometimes credit score takes debts of previous occupants into account if you are not careful - and it is also possible that the previous occupant's bad debts may turn up on your doorstep.
I've set out a lot of caveats. But if you do due diligence on the property, get it for a good price and will have enough spare cash to start putting it in order, it could be a great opportunity for you. Good luck.