I try not to be, but must confess it is something I have been in the past, much to my downfall, and consciously struggle to avoid going forward.

You need to worry about environmental contamination, illegal dumping next to the gas station over the years, and leaking of gas tanks.It doesn't matter who caused the contamination the EPA will make the current owners clean It up.If it's a new build the seller should have a phase one completed on the land.

The liability with providing "clean water" and the potential environmental costs with a septic system makes the risk much higher even on a great cashflow deal.  

You made a conscious decision to partner with this guy, buy a house, fix it up, and rent it.

I would even spend a few dollars on grading the soil and maybe even get a few test done, environmental and feasibility study..But yes I wouldn't do it alone.. no way

It would be environmentally insane not to build more housing near transportation hubs that could get the workers to these new jobs without adding tons of traffic to our streets.

My UG was at Butler University where I got my BS in Environmental Studies.

I wish you good luck and feel free to ask as many questions as you have -- stream-of-consciousness posts are acceptable too.

@Tim Marshall,When I hear dirt floor and working on cars, my biggest concern is the environmental issues you might run into in the future.

I know most people look at this as a $ issue/problem/situation but it's also a very serious environmental problem.