For a discrete group G, if $M$ is a direct/inverse limit of $M_i$, is $H^i(G, M)$ the direct/inverse limit of the $H^i(G, M_i)$? Of course, cohomology commutes with finite direct sums, but how about general limits/colimits over finite categories? Thank you!
Ken Brown shows in http://www.math.cornell.edu/~kbrown/scan/1975.0050.pdf that group cohomology for a group G commutes with direct limits iff G is of type $FP_\infty$. That is the trivial module $\mathbb Z$ has a projective $\mathbb ZG$ resolution which is finitely generated in each degree.