Need a history of who has been there and look at environmental issues.Code requirements are much tougher on commercial.Verify the lease with the tenant.Get mechanical inspections, electrical and plumbing as well as general condition, commercial HVAC is $$$$$!

You can do some research of your own by looking up environmental fines, backed up taxes, and water bills. 

I'm 27 years old and currently completing an Environmental Tech diploma and am extremely broke (student budget).

I'm not thrilled with the possible environmental affects of it, but am much less thrilled with the wonderful stank renters love to leave sometimes!  

On one hand , as an investor you need to look at trends to know your end game, but on the other hand there is an environmental concern as well.

You would then need to jump through some hoops to get a letter of Environmental Protection in order to get any sort of section 8 or state money.

A "building-ready" lot is worth around $100k and there are plenty of these with old mobile homes, in about that price range, that can be quickly replaced with a new house, without having to go through time-consuming septic approvals, environmental reviews etc.

Department of Treasury with usc exceptionState Tax LienLien by USA or Dept of JusticeUS Department of StateOther Federal AgenciesFrequent Superior Foreclosure-Liens:Code Enforcement for debris removal or mowingDemolition or Environmental Based Liens State child support lienBoard of County Commissioners for special assessmentsUtility LiensWater/Sewer Delinquency (only in selected states)County (and/or School/Township) for unpaid taxesCity for road improvements, maintenanceHere are some of the judgment and liens that will be wiped off from the property (not the borrower who lost the title) if the lien holders were properly notified and "had the right to bid on the property at the auction":2nd and junior position mortgages, such as home equity loans, etc...Credit Card Judgments recorded after the foreclosing mortgage Personal Judgments recorded after the foreclosing mortgageMechanic's Liens recorded after the foreclosing mortgageOther Judgments outside of the ones listed above

Just curious what the costs would range (assuming no asbestos or other major environmental hazard)?

Look at how differently every real estate buyer does inspections, environmental due diligence, title due diligence etc.