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.

I do have a friend who is an Investor and has access to buyers and hard money lenders and is helping me at a cost of 50/50 split.I absolutely love what I found here in BP, its like I struck gold lol I have learned so much thus far.

TI covers you forever, not just during your ownership, so if a matter arises that was from a previous owner and claims are made against any future owner, your policy covers you in the chain of title.Not obtaining TI exposes you to risks of passing good title to future owners, any claims made during or before your ownership, you'll have to defend.

Another way to sell it to him is making him aware that he can be like the guy at the top of the money food chain - a bank - loan out money and collect interest.

Is there a need research chain of title further, or is ok to "ASSUME" that title is clear prior to the 1985 sale, because title insurance was issued?  

The senior lender knows that they are at the top of the food chain and they'll have absolutely zero motivation to discount the note or waive accrued charges and penalties. 

It does not make you 100% bullet-proof, for if you do something that makes the LLC a sham (and there was a great post on this earlier in the chain), it will be worthless.  

Through my driving for dollars yellow letter campaigns and these 25 little bandit signs, I'm realizing I might be sitting on a gold mine in my little hometown.

It's finding a lucrative fast food chain that has a proven track record with good return on investment.To your success 

I was a franchisee for one of the big pizza chains from 2007-2014.