While it's a fun idea, it's one of those things that has a LOT of complications
I've worked in real estate, and have seen some pretty interesting properties pop up. Large companies have entire research departments devoted to learning as much as they can about properties before buying them, because there are so many factors that can determine if it's profitable or even possible to restore.
Some of those factors are:
-Environmental issues. Once you own the property, you become liable for anything installed, dumped, burned, or leaked in the past. It can be ridiculously expensive to clean up if regulators find something nasty (in some states/municipalities, if an inspector sees so much as a rusty 55-gallon drum anywhere on the property, it's blacklisted).
-Local codes: Some municipalities are harsher or more lenient about appearance and condition. In places like East St. Louis you could probably run a daycare out of the front while the back of the building is on fire. In places like Saint Paul you might have to go through a lengthy application process, bring ancient mechanical systems up to modern code, post a performance bond, and get all your neighbors to approve it before you can so much as park a vehicle on the property. And if you just want to let something sit empty, they charge you a yearly "vacant building fee" as well as property taxes.
-Historic Designations: These can be great for buildings, but can ruin an owner. They impose lots of restrictions on what you can and can't do with a property. Around here, National Historic Register buildings tend to suffer mysterious fires if they're holding up development. I know a few rural property owners who have straight up told the government they'll bulldoze their buildings if a historic designation gets started.
It all comes down to "do your homework". If someone wins the lottery and wants to buy an abandonment, make sure to find out what it entails and what state and local governments will let/make you do with it!