Google the term "forum selection clause" to come up with a host of samples. 

If that is not mapped out, I'd recommend a quick though exercise:- 10yr goal- Back into 5yr goal-Back into 3yr goal-Back into 1yr goal-Back into your next step.This doesn't have to be done in detail, nor fully vetted to 10yrs.

If the owner is operating the business and you won't be you will be employing a manager so will lose that profit off the top as an absentee owner.Those machines are expensive to replace so you would need to see how old they are.It's just like an old house or building with deferred maintenance.Everything might work when you buy it but the chance of things stopping to work will happen very soon and cost a bunch of money to fix.You always buy the assets and NOT the liability.I can tell you I have had people come to me AFTER the fact buying partial ownerships into corps etc. and they are stuck.I do not know who advised them to do this but they were an idiot.Now I have had to help them pick up the pieces.With the coin laundry or car wash make sure the building is owned so the lease doesn't keep going up or renegotiate the lease as part of the purchase.Looking at books is fine but owners tend to manipulate the books and not the tax returns.The tax returns are usually more telling but people can lie on those as well but that takes big balls and doesn't happen often.If the coin laundry is older make sure if you own the building there is not galvanized going to the street for the water main.It's very expensive to dig up the road and replace with a copper line.You will also want to have the EPA phase one to make sure there is no contamination of the soils.For competition you can look at applications for permits,businesses and new site plans in the city or county you are buying in.You can also instead of buying outright have a 3 month period of running it with an option to purchase at the end of that 3 months.This way you get to see how it runs and decide if it was everything as presented or they were trying to "dump a dog" on you.If they strongly oppose this they might be hiding something.I can see losing a small amount of option money if you walk away and not exercise the option but that is better than being stuck in a bad property.

I use data directly from county property cards for subdivision density calculations (for instance, There are 53 NOO properties out of a sample set of 97, or 54.64% NOO for X Subdivision.)

If Seller is unable to convey to Buyer a marketabletitle, Buyer will have the right to terminate this agreement at the same time returning to Seller all title evidence and surveys received from Seller, orBuyer will have the right to accept such title as Seller may be able to convey and to close this transaction upon the terms stated herein, which electionwill he exercised within 10 days from notice of Seller’s inability to cure.11.

Are there any sample checklists anyone recommends?

Ok, I just went thru the exercise with hubby, asking him the same question you asked me :)It looks like the most critical thing we don't have but you do, is a very reliable handyman, as well as housekeeper.

You make your money when you buy, you realize it when you exercise your exit strategy.  

Do you have the soil samples.  

I hope to do a bit better, but diversification of inflation and interest rate risk combined with bondlike income is sufficient for my risk profile.BTW I also "hope" my stock portfolio will do better than 8%... 1928-2014 S&P returns did; 2005 -2014 didn't. http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html and a random sampling of 30 year expected returns look worse from this point (even including small cap, REIT, emerging)In summary, return is about work, skill and risk.