After the first 2 properties, I've consciously acquired properties that are newer/nicer/larger than average so that they would appeal in a rental environment with more options, which will likely happen down the road.Hope this helps Erik!

Will the lender require that I get an environmental phase 1 and maybe phase 2 study?

@Andrew JohnsonI'd be seriously concerned about unknown environmental issues that need time to inspect.If the place has been essentially abandoned, my question would be: what's the rush?

It's quite possible that you bid on something that looks fine online, only to find out the building has been torn down or burned out - both have happened to me and I've lost money in the process.If you're willing to put in the time, you can make a small return on a few thousand dollars, but you should understand the risks and it is one of the more advanced/legal intensive areas so again I'd recommend consulting an attorney on the risks because you can also lose money, possibly a lot if there is some kind of environmental problem on a property you bid on.If you don't absolutely understand what you're bidding on and potentially getting, if you bid less than 100%, then IMO you should not bid at all.I'll also say that RI Housing typically takes the cream off the top, in that they get first right of refusal to take owner occupied liens at 100% and they go after houses with equity.

Being conscious of it and recognizing when it's happening to you, and taking proactive steps to counter its effects will take you a long way. 

We used Bay Hill Environmental based in Cherry Hill, NJ.

Eric, if you are talking environmental contamination site clean up, I wouldn't touch it and I suggest that you walk away and find something easier and less expensive.

in my experience buyers are concerned about oil tanks in the ground and potential environmental ramifications due to leaks.

The lender may require things like phase one environmental and commercial appraisals are much more expensive.

I'm very conscious of all the money each deal generates.