The alternative is not spelling that out in the contract, but if you run into an issue, you can negotiate an extension for just that particular issue, so let's say you had to do a Phase II and your report didn't come in yet, you can extend the inspection period for however many days your vendor expects it to take, but you can only terminate if an environmental issue is revealed in the report, not for "any or no reason" anymore, not if you don't like something on a new report you decide to get, or on a survey you already had, etc., just that limited issue.

Unless you are doing it for ethical/environmental reasons, then go for it.

Environmental / health reasons?

Environmental Assessment:Have any hazardous materials ever contaminated the property?

a.5) Are there any environmental and Fire clearances/permits needed?

A broker will often help bring in third parties -- engineers, appraisers, environmental analysts -- to help verify the condition of the property, its prior use, and any potential liability issues, whether structural soundness, zoning, environmental to necessary upgrades like electrical wiring. 

Spend some $ on a high level feasibility study to show further evidence of property's value (eg. no wetland, environmental issues, etc), then selling it for more than point #1.

You can find many videos online that cover this and official documents from different jurisdictions to guide you.Here are some links to relevant information:https://www.thisoldhouse.com/how-to/how-to-remove-...http://www.mass.gov/eohhs/docs/dph/environmental/l...http://www.masslegalhelp.org/housing/private-housi...

Employed the techniques of Crime Prevention Through Environmental Design (CPTED, look it up).

Also, RUBS is municipality dependent and not all municipalities will allow it (check where you're investing to confirm).In Texas as an example, the Texas Commission on Environmental Quality (TCEQ) has defined regulations for how tenants can be billed, what deductions an owner must take, what billing fee can be assessed, and more.