I would then want to know if there are any access easements to the rail line or restrictive covenants on the property which would negatively impact my ability to develop the land.Lastly, my concern would be environmental.

Maybe bankruptcy, maybe slow courts or laws over Covid, maybe owner missed a payment and started paying again, but one payment behind, maybe trying to do a workout, maybe some environmental hazard with the property that they want to take ownership of it.So that would be the first step....find out who owns it.....individual or LLC or now in lender name.   

I know to look for areas that are landlord friendly, have population/job growth, limited seasonal/environmental issues, high rent/price ratio, and areas within my budget (under $200Kish).

Also check to see if the property is in a flood zone and whether there are any environmental contaminants.

If often more that they are abandanoning the property to the government because there is some type of constraint, i.e. there is a street light oddly placed in the middle front part of the parcel, there is a creek or wash (which means environmental permits would be needed), there is lack of true legal access, zoning problems, etc. 

You really want to make sure that the land you are buying doesn't have any major constraints that can't be overcome, or even if they can be remediated, at what cost, i.e. environmental, soils/geotechnical, adequate access, zoning, etc. 

The company is a 1 man guy who subbed some of the work out to a big environmental company, unsure of what exactly.

Such environmental due diligence is typically performed by retaining environmental professionals to conduct a “Phase 1 environmental site assessment,” and if necessary, a “Phase 2” and “Phase 3” site assessment.

There are 2 main reasons 1) proximity to Mexico 2) water pollution, which is related to #1.  

@Austin JamesUnderstand the area, the current tenant base,the median income, is it in a flood zone, the age of the asset, the condition of the plumbing, the electrical wiring, the fuseboxes, the age of the roofs, the age of the mechanicals, the condition of the foundation, the drainage of the property, does the property have a C of O, is there ny environmental concerns such as oil tanks being buried, the current property management company, what are the amenities.These are just a few things to look out for.