It would be smart to do a full lease audit, estoppels issued, and tenant interviews.And if you are buying cash, there is nothing mandatory, since it is your money at risk. but again, physical condition inspections, understanding of tenants (they are a great source of information about issues with the property that the landlord may not know or may not disclose), surveys to understand accurate property lines, etc.

If it can't be sold off market, then technically a licensed agent should list it on the MLS and disclose that it doesn't have legal access.

Sue the seller, any payment delinquencies should have been disclosed.

-No concrete business plan, financials or actual equity shares are being disclosed to investors, which need to be.

Back 25 years ago I was named in two lawsuits solely because the plaintiff attorneys found out I was raising capital for a new investment fund, and they knew it would be cheaper for me to pay them off then to have to disclose the lawsuit in the Private Placement Memorandum.  

@Dennis McNeely - my concern with getting a soils study is if it shows there's something really wrong with the soil, such as expansive soil, I would have to disclose that fact when I go to sell the property. 

The merchant also failed to provide proof that the cancellation policy was properly disclosed to the cardholder."

I have a new-construction SFR property under contract, and the seller disclosed that there had been heavy metal contamination in the soil due to mining activity many years ago.

Generally if you are up front about the intention and the members are disclosed along with the membership interests and members personal financials underwriting can proceed with the formation docs to follow.

Nobody ever tests for lead-based paint in homes built before 1978, because once you test you have to disclose.