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. 

When did you get your property manager involved?

There is more tenets management involved, and thinks do break.

Everywhere I looked so far Commercial Loans that involve 5 units or more won’t even entertain the idea of a property less than a million?!

Yes, get with a local title company and ask about Purchase contacts, they will have some on file you can use....let them know what you are doing and be straight forward with everyone involved.....