If it's a commercial real estate loan that you are seeking in addition to the origination fee you will pay for the appraisal, a Phase I environmental and perhaps a property condition report.

It sounds more legit now, but I still am hesitant because I do not have enough time to have an inspection and environmental test done. 

If we need to replace a plank, we pull the damaged one up, and place the new one on the same adhesive.There are different grades of this as well, based on the protective coating on the surface.I'm using a medium color that looks like a rough sawn pine, the light oak didn't pass with my designer, and the darker color showed every footprint! 

What environmental issues does it have asbestos?

You will need to build a team that has the experience that you lack (commercial land broker, zoning attorney, entity attorney, real estate attorney, civil engineer, environmental engineer, surveyor, residential architect, general contractor, construction manager, etc).

The real PITA is going to be that he added footprint which has to be fixed on tax record and such if he did not permit.

Assignment and Subletting, prohibited uses for property, remedies for default, Tenant requirement to have adequate insurance,  Utility Bills, Tenant Interior maintenance responsibility, pest control, damage by vandals, Signs, Improvements become landlord's property at lease end, damage and destruction, Tenant Public Liability Insurance, Environmental, and any addendum's.As you just read, these leases are more complex and require professional representation as if you are trying to save $1000.00 by representing yourself and the lease has loopholes than you are opening yourself up for losses that can far exceed your initial savings.  

I am 20 years old, finishing up my sophomore year of college at the University of Michigan studying Economics and Environmental Studies.

Anything outside their footprint or lending funds to fairly new investors becomes an extreme risk.

For some background my first rehab I added a master bathroom, bedroom, breakfast nook into the existing footprint of a house and basically re-did everything but the roof and made lots of expensive mistakes along the way for 63k in construction costs.