For the potential for "future contamination" you'd include a clause in the lease that addresses it and puts the liability & future remediation to restore the site on the Tenant.

As we know, the IRS Tangible Property Regs implemented the BAR Test (Betterment, Adaption, Restoration).

Good Day,I wanted to introduce myself, I am looking forward to learning much more about Real Estate investing via everyone's experience here on Biggerpockets.I am currently in transition, my wife and I are selling our Property Disaster Restoration business and will be relocating to Edmonton in 2016.

If banks are threatened by delinquencies, they see risk of losing money, and lack of effort by operators to restore profitability, they would rather take back property and sell it themselves instead of watch the value sink even more.

Purchase price: $241,000 Cash invested: $60,000 Restored 1940s bungalow just off of King St in St Augustine.

I agree, when gvt caps your rents that squashes the reward we get from restoring the innate value in low income areas.

1) fill up truck and trailer with trash if there is any and take it to the landfill 2) replace exterior doors if any are broken and/or change locks 3) fix the roof if it's leaking and fix damage caused by water to structural elements 4) check out the electrical and plumbing and fix as needed 5) fix drywall 6) paint 7) refinish or paint existing hardwood floors or put down HDF laminate 8) put in cabinets, toilets, sinks, appliances, etc if what is there is not easily restorable 9) replace windows that are boarded up or broken through both panes 10) check the HVAC system if one exists and fix or replace as necessary 11) add/replace interior doors, toilet paper holder, outlet covers, etc 12) clean, stage, advertise

Consider purchasing investment properties and restoring them into habitable, profitable structures that will breathe new life and hope into this deserving region.

For 27.5 years, please.Is it Betterment, Adaptation or Restoration? 

@Ryan Wright, the good news is that unlike with self-directed IRA with the Solo 401k plan you are allowed to correct a prohibited transaction, which means that you have to undo the transaction to the extent possible and in any case to make good to the plan or affected account any loss resulting in the transaction, by restoring to the plan or affected account any profits made through the use of the plan assets.