I've checked gutters and there does not seem to be any leaks or puddling in this area (although I've noticed very soggy mud when it rains a lot)For the time being I am going to dig it down a little, put a plastic liner type down, then add soil and grade it away from the house.

The biggies that you don't always see (read expensive) for me in CO are stable soil/foundation/water intrusion, aluminum wiring or out of favor fuse panels, hvac if not replacing, sewer scope in most older neighborhoods, roof (which will need to be brought to code (shingles, ice dams, re-sheeting maybe) on the sale usually if it's older). 

And if the soil tested as unsatisfactory, I just eat the cost of the P&M test?

I am looking for a 4 (multiplex) building in the following area (Salt Lake, Millcreek, Holladay, Murray, Midvale, Sandy, Draper, and Taylorsville).

Make sure you have good soil that can easily absorb the sewer water, and there is space where you can extend the drain field if needed.

You don't say the lot size or topography but generally So MD soils are not difficult if you're not near water front.

Hi @Jamila Sandy, I agree with @Jared Hottle's idea of trying to find an off-market property.

The Phase 1 vendor may suggest a Phase 2 and soil samples to make sure the ground isn't contaminated from the oil tank.

They do more to confuse you than to explain anything.Get some books: two of them are published by BiggerPockets (see the Bookstore), and on Amazon look for books by Stephen Fishman, Sandy Botkin, Tom Wheelright and Mark Kohler, among other good authors. 

@Sandy MoralesAre you seeking general thoughts on multi-unit investing in the Cherry Creek neighborhood?