Limited Environmental Issues6.

Many environmental and zoning issues can limit what you can do with it. 

The frenzy moving from the forefront to an afterthought in the public consciousness takes a lot of air out of the bubble and pressure off of everyone involved--pressure off aspiring operators because they are onto the next thing, pressure off existing operators because the inflation/oversaturation abates, pressure off "evil investors" because people that don't know what they are doing aren't overbidding for properties and contributing to the abysmally low long term housing supply step back, pressure off local governments to fight "investors" from taking over their communities...

Just wait for the applicable environmental departments to start throwing their weight around.

We use Aptive Environmental and pay $120/quarter (not sure what they are charging now).

What are some market trends of which I should be conscious of?

What kinds of environmental studies/inspections should be performed?

I'll add - Although the note is secured, the wholesaler is taking on risk that the flipper won't perform on the project, risk of title flaws, permit issues, entitlement issues, environmental issues, unpaid taxes, etc.

There are a lot of compliance items, including reporting, inspections, racial quotas, low-income employee quotas, requiring tax returns of low-income contractors, affirmative marketing requirements, evictions only for repeated violations and good cause, no waiver of jury trials, environmental oversight, etc.A lot of these local and federal compliance requirements are a real pain. 

And you might want to consider some type of environmental inspection in case the old system contaminated the soil but with some due diligence you can make sure you're not buying a lemon.