If there was environmental found the banks that owns the note would likely opt for a short sale so they are not in the ownership chain of title.So see who the lender is on this property for a copy of the report.

And Rehab Costs would be the cost to tear down and construct the new property, including all hard and soft costs that aren't factored into the Fixed Costs.For example, if I have a house that I can tear down and rebuild a 2000 sf property that would sell for $400K; it would cost $100/sf to tear down and rebuild; I'd have $50K in Fixed Costs; and I'd want a 20% profit on the resale price ($80K), my max purchase price for the tear down would be:MPP = $400K - $50K - $80K - $200K = $70KKeep in mind that the rehab costs must account for all of the following:- Site Planning- Zoning Approvals- Utility Installation- Permits/Impact Fees- Environmental Studies- Etc...If these costs aren't factored into the per-square-foot construction costs, you need to factor them in separately. 

For instance, an environmental issue or one that burnt down.2) The county does not care what the property is or looks like.

However, using it as a promotion or negotiating element is useful.  

Make sure there's no environmental issues. 

Also, because the structure has been vacant for a while, it attracted bad elements and voilence.

I am a bit lost on the best way, obviously it is a longer term strategy and has an element of "appreciation play" to it...

The first is the cost element. 

I like your point on learning the elements essential for wholesaling before "risking your own capital" in flips.

Regardless of what an investment summary looks like, you have to be able to swallow your initial impressions (good or bad) and look at the numbers and business plan for what they really are.If you decide to invest because the investment summary looks pretty, you may be putting yourself at risk, if you haven’t done proper due diligence on the deal and the team.Project name (often the name of the apartment complex)Photos of the property and areaOverview of the submarketOverview of the dealDetails of the business planProjected returns and exit strategiesDetailed numbers and analysesTeam biosIn a 1 page summary, you get bits and pieces of each of these elements, though you would need the full investment summary to get all the details.If this executive summary landed in my inbox, here’s what I would do.