Proximity to "the cute downtown area", shopping, expressways, big roads, close to parks, noise issues, close power lines/treatment plants/etc. - Schools: Are some of them located closer to "the good school" in the area?

Being that, pay for a property what it is worth to you, not what it might be worth to someone else (unless you're flipping it to that guy, lol)Being in competition with bigger investors can be hard to visualize, with them paying so much....but their holding costs may be alot less than yours.

You will also see where your networking has paid offer by using people you trust for various parts of the deal ex: agents, investors, title companies, inspectors, appraisers, warranty companies, and you may even line up the new buyer with your networking.Creating a plan and putting it in writing is a very powerful visual aid.

I mostly work in financial statement audits but am very familiar with the tax treatment of various real estate investments.

I would be very cautious of water treatment plants as it has to be tested very frequently, at least thats what I have found, plus the enormous expense if there is problems.9 homes over 4 acres?

You do get preferred treatment as far as getting your offer accepted though, since a cash offer usually goes much faster to close.  

The BP platform is great however, I am a visual learner; actual deals.

I read the report and it was just a visual inspection with multiple areas being marked off as obstructed or inaccessible.

The IRS is making it very difficult for any kind of development activity to get  capital gains treatment let alone be eligible for a 1031 exchange.  

From visual inspection, the other bags were 3Mil or less (bags in background) I highly recommend that if you touch, or caused to be touched (as in a power washer), any asbestos or LBP siding, that you take a certification course even if you don't have plans to use the certification as part of your business.