The engineer does a site survey to document the property.

@Karen Margrave  a loan of that size on that complicated of a deal would take about 20k in up front appraisals and level 1 studies and possibly a little surveying. and the lender may want a due diligence fee as well up front.. its common on these bigger deals..

=============================Title Insurance Company is irrevocably committed to issue to buyer an owners title insurance policy covering the property with standard coverage customary in the state where property is located showing liability in the amount of the purchase price and showing insurable title to the property vested in buyer, subject only to the following(a) Title Insurance company standard exceptions(b) Liens for all current general and special real property taxes and assessments not yet due and payable(c) liens of supplemental taxes, if any assessed(d) any facts an accurate survey and/or a personal inspection of the property may disclose(e) the mortgage/deed of trust/deed to secure debt lien in connection with any buyer financing(f) any laws, regulations, ordinances (including but not limited to, zoning, building and environmental ) as to the use, occupancy, subdivision or improvement of the property adopted or imposed by any governmental body, or the effect of any non-compliance with or any violation thereof, including but not limited to, any disclosure an/or report required by ordinance(g) rights of existing tenants and/or occupants of the property (if any)(h) covenants, restrictions, easements and other matters that do not materially impair the value of the property or the use thereof(i) non-monetary encumbrances disclosed to buyer in writing prior to entering into this agreement (j) any other matter for which the title insurance company agrees to provide insurance at no additional cost to buyer===========================================================

If the latter be sure to factor in all of the vacancy and turn costs associated with this. 

MAREI, the local real estate association is definitely the best place to start.

But, based on blog posts and info products from Seth Williams, there's another piece: He said most states have a "supporting documentation" form (the name is not consistent) that tells the city or town the property is associated with that the transaction has occurred, and it essentially allows them to adjust who the tax bill will go to.

If they've never struggled to make rent, associated CAM payments (if there are any), etc., then it seems safe (for 8 years at least). 40 miles from Boston odds are really good that it is a great location.

I do review the docs before sending things in) the condo association has nearly zero in HOA reserve funds, has a bunch of delinquent accounts, active litigation that the HOA is likely to loose, etc.

@Benjamin Dutil My husband and I run The Southern Maine Real Estate Investors Association.

Look up the multifamily trade associations for contacts and start calling using the phone,e-mail,etc. to make headway.Got to your local investor association.