If it's a retail tire store wharehouse, something like a car wash or car repair shop it may not be as bad, but you'll have environmental issues, testing, engineer certifications, inspections and tenant histories for past business operations that can cost you.10% not near enough.

If you don't plan ahead and find ACM's after your purchase as you prepare to do repairs, you will find that it can be very expensive.Another thing to consider is having a Phase I environmental done as this is considered a commercial property and may be required by your lender.

3,000 is a lot just for inspection only on that size.Does the inspector provide a cost reserve stable and environmental phase one?

The value would be roughly the value of the land, less the cost to demo the "improvements" and mitigate any environmental damage.

Not cracks in the wall but the drug that contaminates the sheet rock and interior to an environmental cleanup or rehab being required.

Now of course there is the typical appraisal that the borrower has to pay and sometimes depending on the collateral and environmental fee.

If you have a title insurance policy on the property, read it closely.On most title policies, something like that may be considered a covered risk.On one of my policies, the exact text that may cover this risk reads:The violation or enforcement of any law, ordinance, permit, or governmental regulation, including the relating to building and zoning, restricting , regulation, prohibiting, or relating to:1. the occupancy, use, or emjoyment of the land2. the character, dimensions, or location of any improvement erected on the land ( This is the one you would be going for)3. the subdivision of land4. environmental protection.I am very familiar of a similar case, where a claim was filed with the title insurer, and they paid the claim to get it cured, less a deductible of 1% of the insured value.In this case, the building inspector first came out and issued a violation, and that violation was presented along with the title insurance claim.

Yeah, what I like is the scrappers took all the copper - mostly water pipes so the environmentals are in need of heavy repair to bring it back to it's previous commercial usage....however with changing it to a storage facility I see a far less initial cost to bring it together.Security can be done pretty easily since it was previously set up to secure the contents being shipped in and out of the facility (loading docs and other features lead me to believe this was initially set up for assembly).

Having building inspectors, zoning boards, health departments, environmental regulators and other officials to satisfy can be difficult and ultimately make any owner decide to dump a property.

If that's the case, you could have environmental issues also, depending on if the meth lab was in the basement that's still left.