You'll likely need two (or more) classes of membership interests, and possibly more depending on how each element of the interest is being divided (voting rights, equity split, tax deductions, long vs. short term capital gains, etc).  

You should question a CPA (I am not a CPA) and get an opinion on how to classify the different elements.

However, a bank would do a Phase 1 environmental in order to assure that physical integrity is up to standards and no surprises.

@Rohit JindalSorry for the delay.There are two risks you need to mitigate when buying specifically Septic.The first risk is just basic lifetime of the system etc, what your costs might be, that sort of thing.The second risk, and to my mind the more complicated one is the environmental risk.

You want to stay away from any use like gas stations, auto repair, dry cleaners, etc. that would require environmental remediation.

There's not a person on earth that wouldn't choose environmentally friendly, sustainable housing if the price is right.

You can have an environmental assessment done to determine if there is any contamination.

When you look at the maintenance elements in a residential property you can generally divide the elements into two groups: systems and structure.• Systems include HVAC, water heater, plumbing and wiring.

After we got inside of the house, we realized that the fire damage was extensive, but only damaged a minimal amount of structural elements of the house.  

That means crud that floated around with the water just might have found its way to the heating elements or other important components.