Folks may not want to sleep under a source of "light pollution" which shines in their window all night.What you may want to include in your plan is owning the property where the billboard stands, but having that land fenced off from the tenants so the sign company can have unlimited access without disturbing your tenants to open / unlock gates and such.Stuff to think about ...

It's not just the pollution issue it's also emissions and the smell.

Explain "seller has positive report" Does this mean it has positively leaked and polluted the soil.If a test says it's OK, as long as the tank is empty, there is no risk.Have it tested and decide based on the results if you are not certain.

But if the soil is polluted and government ask you to clean, it can take 10 times more money.

Was there any prior use or prior structures that could have caused pollution to the property. 

The instructions for line 42(a) provide these options: Geological and geophysical expenditures (section 167(h))Pollution control facilities (section 169)Bond premium (section 171)Research and experimental expenditures (section 174)The cost of acquiring a lease (section 178)Qualified forestation and reforestation costs (section 194)Optional write-off of certain tax preferences over the period specified in section 59(e)Certain section 197 intangiblesStartup and organizational costs Creative property costsPublication 551 says this on the bottom of page 2 under "Real Property", subsection "Settlement costs":  "You can't include in your basis the fees and costs for getting a loan on property." 

I have seen some pretty polluted titles that require extra work, but that's on the seller. or are you talking about the cost to clear title, which can sink a property.

You could be the squeaky wheel for noise and physical pollution.

Some spaces in these buildings have no windows, some are low grade underground spaces, some are above ground but with high noise pollution.

Nathan,A Phase I Environmental Survey is a study done by a licensed environmental engineer that reviews whether or not the property is potentially polluted.