Seems there is an implication here that investors should do title examinations.

While our finances have been limited, I've examined other ways of earning income...  

It is nerve racking.

There are a million things to consider, I'm not trying to scare you but really dive in and examine the deal from all sides before you sign on it!

One way we've examined doing things is equal partnerships, everyone puts in and gets out the same amount.

An ESA phase I is an examination of the strata and history of the landuse/earth work at the subject property.

no problem as long as your attorney examine the title history and says you are ok.  

Inspectors in my area are now being trained to say "weird substance, could be mold, needs to be examined professionally" on every house.    

There may be an "if" to expense this for taxes under the Safe Harbor for Small Taxpayers, but that is a big "IF".As a major component of the HVAC subsystem of the building unit of property, we'd place this in service with a recovery period of 27.5yr or 39yr under GDS, depending on fact and circumstance.Form 4562 reports depreciation and amortization, as well as property put into service during the year, but you're unlikely to divine knowledge by examining the form. 

Rather than try to determine which angle holds more weight I think what everyone is suggesting is to examine each scenario and learn something about the property from each.