Ensuring the property is clean environmentally might be the most important due diligence item; if you purchase a dirty site - REGARDLESS OF RESPONSIBILITY - you automatically assume all liability for said contamination.

I know oil heat is much more common up North than in my neck of the woods, but I'm quite allergic to it when the tanks are underground - to me, these are ticking time bombs with almost unlimited downside potential environmental and regulatory impact).

Others, including some lenders apparently,are going with the "elements fulfilled"/closing date.

Use the elements of CPTED (Crime Prevention Through Environmental Design). 

Hi Jake,I'm in Canada so the processes might be different but I would think you need to factor in the potential for environmental assessment and clean up.

If oil prices change, if the environmental regulations are modified, if they run low on water... they go bust overnight.Also, there is no hope of salvaging those units.

i've seen and heard of phase ones....what is the phase one environmental report, and why is it important to get on a larger property but unheard of for smaller ones?

I will be running tests on every water element and check when the plumber comes in.

Could be a major battle with the neighbors, utility companies, environmental surveys, whatever.Start by calling the planning and zoning commission and discussing the property with them.

It doesn't sound like there's any repurchase element here.