But if you go that route and plan on refinancing with a bank you still want to vet the deal like a bank underwriter would which means positive cash flow, solid financial plan, and possibly environmental studies.

Environmental Report: Report generated by a qualified environmental firm to determine potential environmental hazards in a building's region or within the building itself.

If the property can support a Freddie Mac ($750M minimum loan balance) or Fannie-Mae ($1M minimum loan balance) backed loan, the loan will be non-recourse - no-one comes after your personal assets if the property fails unless you did something illegal or environmental issues were the cause of the default.

If you're property is over 50 years old there is a greater chance of lead based paint and/or other environmentally hazard based chemicals in the house.

Especially a house in Tahoe....there is snow removal, BMP and other environmental costs/headaches that go with a property up there.  

Plus, laundromats suffer from environmental issues as well that can reduce the value of the property. 

I found out later the info sits in the "environmental office" and they don't always transmit the info to the central database.

Rents (if applicable) will be current and be prorated as of the date title transfers.DEFECTS: Seller warrants Property to be free from hazardous substances and from violation of any zoning, environmental, building, health or other governmental codes or ordinances.

Do this with "crime deterrence by environmental design."

My 'day' job is inspecting buildings for safety and environmental risk, and I'm also a real estate investor - it's a part of my retirement planning, and I like the challenges (believe me - there are challenges some days, and today was one of them!).