Completion of satisfactory physical and environmental inspections of the Property.

Find a good full-service environmental consulting company, not a home inspector or guy who only does mold and  have them collect non-viable air samples.  

I would also ask for a copy of the environmental report or property condition report which I would assume were done before the rehab. 

Coming from a man who makes millions of dollars a year, he definitely knows what he is talking about.I have as much respect for this idiot as I do for Arianna Huffington who preaches for environmental responsibility and owns three Priuses while pulling a $25,000 electrical and water monthly bill and flying the world on a private jet.I am calling for all the delusionals and hypocrites of the world to unit!!!

Usually the State has clear guidelines on this and you don't want to be held responsible in the event of soil contamination or environmental hazards to the property or the property owner could come back afterwards on this issue.

If it's a big one, like a petro refininery, you can get insurance.I have only heard of one issue that went to court over this issue after a certification had been given, and it was with our state environmental bunch and concerned citizens.

Finally, any reserves (Capital expenditures, environmental, etc) also come out of the Net Income.  

I was wondering since auction.com does have that list, liens exceptions list:"Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"How did you go about making sure these liens exceptions as specified on auction.com are covered in your ultimate title insurance policy?

I agree this policy has applications for major renovations, when using contractors (foot traffic, noise) , heavy material and equipment transfers and the potential for environmental and HOA property wear and tear.

With your fix and flip and construction experience I'm sure you've familiar with dealing with them and may already have gotten the process started.Next as @Matt M. mentioned, a mechanic shop is going to need cleanup (environmental abatement) that could add to your cost.A consultant is definitely wise.