You will need a Phase I Environmental Assessment.

Some of the conditions they want me to waive are: Phase 1 & 2 environmental study, they cant provide me with current tenant leases, can't provide building plans, surveys, fire certificate, previous building expenses.

I agree with you, but I add an exponential component to my system that allows me to go to infinity with the use of that same $100k.First, I define risk (as down the bank I might add...just ask them) based on two separate pieces, and 1 concept.  

Component cost will be low but it still takes the same amount of time for the installation. 

Closing costs, environmental reports, carrying costs are going to be free too?  

My experience is that there are a few components to a tax bill this aged.Principle, Fees and Interest (if its in tax lien status).Some times you can get the fees removed entirely if you pay the full amount just for asking.If you want to take it further, ask the treasurer (the actual treasurer, not another person in that office) this question "If I bring this up at the next Board of Supervisors meeting, is there a shot they will reduce the principle?

We backed out of the deal due to environmental concerns regarding contaminated soil from a UST that was taken out back in 1987.

Sewer, if it shows up on the taxes would be a component of your analysis that is figured into the portion of rent garnered for the property.

It gives you ranges for costs but then it's up to you to contact different contractors in your area and figure out an estimate in your market for each component.

In an overfunded policy, the "insurance" component is minimized for the greatest cash accumulation.