If you're looking for legit tax strategies look up Taxes and Business Strategy by Myron Scholes.He was a Nobel Prize economist and he really emphasized the various components to manipulate, a focus on the contractual arrangement, and various example calculations to show impacts on cash flow, and the source of all tax planning (a lack of neutrality in the tax system).Best tax book I ever read.

If I remember correctly, the 16% Solution book advised its readers to stay away from New Jersey, as the state had, in it's past, a wild west type of industrialization, and many plots of land have environmental contamination.

The ARV on this property is around $240k, with a solid comp on the same street.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

Is it an Environmental Service Assessment letter?

The state taxes are accurate and a bit “heavier” in this case due to the additional “village” component.  

I'm looking at some properties close to the water that would have huge potential, but they're part of a "Special Management Area" that require an Environmental Impact Statement or even a full blown Assessment, before the board even considers approving a building permit. 

However as an investor, this is really something you ought to learn how to do yourself for your own properties.A reserve study breaks a property down to the component level, assesses the current conditions of components, and estimates the likely timing of repairs, with an estimate of cost that includes an allowance for inflation.

The commercial attorney will cost you more than that alone then you have lender legal fees, title policy, insurance policy,reports (appraisal, site inspection, environmental phase one , ALTA level one survey, etc.) 

If you’re a builder, homeowner or investor, this article is for you and how going green may help your bottom line.Financial Incentives for a Building a Sustainable PropertyTax Incentives: Project costs may be offset by 30% or more due to improvements qualifying for federal tax deductions and credits.Long-term savings: Environmentally friendly upgrades such as low-flow plumbing, ENERGY STAR appliances and solar panels can help cut energy bills significantly.Increased property values: Energy efficient properties typically have higher rental incomes and property values.Tax Credits Available45L Tax Credit: You can receive as much as $5,000 dollar-for-dollar tax credits for residential dwelling units that are considered energy-efficient.