My mentor once told me, "the knowledge is not the barrier, consciously applying what you learn is."

The environmental variation is matched by very few places (ocean/Beach, mountains, desert). 

Recent price reduction of $120K and we got it under contract almost immediately after it was listed at the new lower price.We have done local rent surveys and we think we are competitive.We're still in the Due Diligence phase right now, and are getting: Appraisal, environmental study, HUD statement, utility details, insurance, financing.Anything that you think we should be considering here, either about this deal or about getting into an office building in general?

I've worked in medicine, IT, environmental technology, organic chemistry, teaching, and customer service (assistant managed a IT help desk).

Environmental and Survey are a must for most commercial properties.

Hey Ed,I would have the site looked at by at environmental firm.

That being said I’m making a conscious decision of being more involved in this group.

@Gary TheisenI second what @Eamonn McElroy said that you will be required to file in CA and pay the $800 minimum tax to California no matter what state you originally file in (since you are doing business in CA), so it may make the most sense to just create a CA LLC, especially since you seem to be fee-conscious. 

There’s other contingencies you can use too, financing, feasibility, environmental, neighborhood review...Have your DD start the 1st business day after they provide you with all the documents, P&L sure, but also you’d want title docs, details on mechanicals like age, repair history and warranty status, insurance claim history for the last 5 years, every scrap of detail on any pending claims, zoning use confirmation from relevant govt entity, copies of all docs they have received from any govt authority related to the property for the past 5 years... there you’d be looking for code violations, notices from EPA or fire marshal, etc.  

Be absolutely sure you do a Phase 1 environmental survey!