What is the most profitable renovation strategy?

For an investor to knock a property down and rebuild it, I can't think of an opportunity where that would be the best option. The best option for an investor is to either buy a property where the established house can be fixed up and then sold on, or if they're developing they need to be able to maintain that established house and build one or two units on the back. By knocking down the house on the front, you're basically getting back to land content value. So if you're thinking about knocking something down only buy land content value.