Now I get to meet and help people while staying involved in the real estate community.

Show you are an authority in your market.Here is the most important thing.Most people read these posts andsay .. well crappers, that is a bit involved dude.. yeah yeah...

It all comes down to your tolerance to risk and ultimately what you are wanting out of a property: Cash flow, appreciation, least amount of involvement vs. high involvement, safe haven for funds, etc. 

When I think of some of my most cherished memories as a kid, they involved pizza picnics on the lawn (my mom makes amazing pizza), going berry picking in the bush with my parents or grandparents and time at the lake.

If you do engage an environmental engineering company to do a Phase 1 report, be prepared for them to recommend a Phase 2 that would involve drilling soils samples as their further action recommended.

The majority of the value may involve the desirability of the land, not the structure itself.

Might be worth it to you, depending on cost involved.    

They request what is called an “as-repaired appraisal.”To give a general picture of how the as-repaired appraisal fits into the process here’s a very basic look at the steps involved in a standard 203K loan, sometimes called a Consultant K* loan:The borrower selects a property, a lender, a 203(k) consultant and a general contractor.The lender pre-qualifies or pre-approves the borrower, and determines that the property is eligible for a 203K loan.Working with the consultant and the contractor, the borrower submits a document that specifies all repairs.The lender requests an appraisal.

Last 1% deal I heard of involved a group of fourplexes. 

@Mitch BlackYou can apply the BRRRR strategy with an IRA, it is just that everything is done via the IRA with no involvement on your part or transactions between the IRA and yourself.The IRA would purchase and rehab the property.