It was supposed to be short-term until we got the map recorded and ready for demolition.Well, the guy hooked up his RV, and started to fix up the house (without telling me)One day, we got an environmental report done which included interior photos.I could not believe my eyes.

They did a rezoning a few years ago and everything was approved so they're assuming the billboards are fine, but currently they cant seem to find anything prior to 1983, so unless a paper magically appears proving they were there prior to 1981 they are worthless.2)Full environmental inspection would be required to see if it could be considered "wet lands" if so it limits how the property can be used in the future.

Environmental distress is a plus!

If the property is such a good deal that you have to have it and the potential liability for environmental or title issues are worth it, go for it.

I heard about it from a good friend who I frequently chat with about real estate investment and both of our goals for our futures.A little on my background: I obtained my B.S. in Civil and Environmental Engineering from the University of Virginia in 2009 and have worked in project management in the construction industry ever since.  

They would put the 15 acres into Native Prairie and harvest the prairie seeds for Govt, State and other environmental projects and you would need to do nothing but enjoy the Prairie.

Once you locate land, there's engineering that needs to be done (civil, soils, electrical, environmental, structural, etc.) environmental issues may need to be addressed, availability of utilities and proximity to parcel, cost of grading, installing utilities, paving, sidewalks, parcel maps or possibly subdivision map.

My concern is, I'm afraid there's a hidden surprise that would only be uncovered by performing an expensive environmental cert.

My guess is that if you sold it off-market to a private party it would matter less, but then you'd have less exposure of course.The biggest issue I've noticed about properties where the zoning is odd/unusual/not what you'd expect based on the current usage, is that often they are in very not-great areas.For example, the property you're talking about, would not surprise me if it's on a short street and next to or across from an abandoned / boarded-up factory, railroad tracks, etc. and all the properties on that short street are either vacant or in rough shape.I'm not just being pessimistic, I've researched a lot of properties and the few times these zoning mismatches pop up, seems more often than not to be a situation like that.So to me the issue isn't the zoning per se, it's that the zoning itself is an indicator of something else that's less desirable about the property, such as what's around it.The Providence zoning code is online and in the Industrial Districts section defines Light Industrial (M-1) as: "The M-1 light industrial district is intended for light industrial and office park uses that accommodate a variety of manufacturing, assembly, storage of durable goods, and related activities provided that they do not pose toxic, explosive or environmental hazard in the city."

 I recently bought a multifamily building and have to account for all the items in the closing documents on my accounting software.Loan Origination Fee =Appraisal Fee =Suits, lean, judgment search =Loan doc prep fee =Flood certification fee =Environmental Review Fee =Wire Transfer Fee =Title search =Title examination =Attorney’s Fees =Title Insurance = Recording Fees =Another recording fee =Electronic recording fee=delivery fee =I know how to categorize some of them.