Gas Station Previously on Mixed-Use Property...What Are My Risks?

[Will Gaston]

All:

Looking at an out-of-market deal that seems to be a good one except for one (very big) issue. Property is currently MFH/Retail but used to have a gas station on it. Seller disclosed this to immediately and has been an open book thus far. He inherited it from a family member & believes there still could be a tank underneath the parking lot where the gas station previously sat.

I know any lender will require a Phase 1 & a Phase 2 bc of this. Let's assume the seller agrees to rectify any issues that my lender requires. 

My questions are:

1) What are the future liability risks for me as an owner who purchased this property?

2) What do I not know that I should know about these situations that I should know?

For context, I have lots of RE experience but have zero P1/P2 experience.