If you don't plan ahead and find ACM's after your purchase as you prepare to do repairs, you will find that it can be very expensive.Another thing to consider is having a Phase I environmental done as this is considered a commercial property and may be required by your lender.

Not cracks in the wall but the drug that contaminates the sheet rock and interior to an environmental cleanup or rehab being required.

(this obviously excludes any environmental /personal concerns).

First thing with a body shop is ENVIRONMENTAL.

Coming from the perfection mindset I'm consciously shifting to avoid analysis paralysis.

But if you go that route and plan on refinancing with a bank you still want to vet the deal like a bank underwriter would which means positive cash flow, solid financial plan, and possibly environmental studies.

I’m as legal-conscious as they come but I still can’t figure out the benefit...

If I show up and someone is there who doesn't have permission or shouldn't be there, and the police are "backed up for months", then conscious or unconscious they're getting out of the house. 

Environmental Report: Report generated by a qualified environmental firm to determine potential environmental hazards in a building's region or within the building itself.

“I know of no more encouraging fact than the unquestionable ability of man to elevate his life by conscious endeavor” – Henry David ThoreauCary Ogello