Their are risks here as well, cash buyers preferred, and be mindful of 90 day FHA seasoning (nothing a lease option can't remediate), inspections, and appraisals if you have an average joe make an offer.Regardless of your exit strategy, if you purchase, you will also have to take into consideration your increased costs from purchasing i.e. closing costs, title insurance, holding costs, and your valuable time of course.Either way, if you do go through with this, like Ryan said, you need to have multiple exit strategies in place before you purchase.

Personally, I'm somewhat suspect of inspections like this, especially if the inspector has a financial interest in getting you to do an expensive remediation.

If, due to factors beyond Seller's control, Seller fails within the time allowed to make any non-casualty repairs, Purchaser may (a) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest money.

What if the owner of the vacant house does not care, should I get them to sign something saying nothing is needed to remediate the problem?

Residential tenants aren't going to want the noise and traffic from the warehouse user and the industrial tenant isn't going to want the hassle of complaining residents next door.Any chance that could be remedied by converting the warehouse to more residential units?

You have to assume you're going to find issues that have to be remediated.  

I would then invest money once I: 1) Understand due diligence to assess risks, rewards, and values as well as develop skills to find good deals, remedy issues that may arise, and execute a variety of exit strategies successful.2) Find notes that meet my investment criteria.

Back in the old days many of these businesses would illegally dump materials instead of disposing the proper ways.If there is remediation needed check with city, county, state, federal for possible grant money to offset.

Of course proper documentation with the private lender may remedy that sort of thing. 

Anyone have recommendations for a mold remediation company in the greater Akron/Cleveland area?