If this is your first time, you'll likely want to use an attorney in the state the property is in to guide you through the contract phase a little.  

Problem is I'd pay ~$15K in additional taxes (Federal Income + State Income + Loss of Federal Education credits phased out above $180K in income) and only net $15K in after tax $ to invest in rentals.  

One of the environmental companies I consulted with informedme that they recently did a Phase 1 and Phase 2 on a property locatedapproximately 250 feet from the subject property.

More specifically, if you are rehabbing the apartment complex anyway, then installing this water submeters will definitely add value to your building in the short and long term by increasing your NOI and increasing your chances of a sale in the property disposition phase respectively. 

Thanks Hi Casey,Right now I am in the rehab phase.

As of right now I am strictly in the planning and analysis phase.

I'm still in the learning phase but few months I'll be looking for deals.

I am in the learning phase of investing, i'm reading books and blogs trying to figure out what i can before i start.To start out I know I need to have my finances in order so I cut back and save but that's not enough. 

Most of these items can be determined during the due diligence phase of the transaction. 1.

Other than inspecting the physical and financial aspects of the property you should not buy that property without a survey, zoning report (and legal review of it), phase 1 environmental, and utility inspections.