I will say that the environmental regulations for drinking water are no joke.

Real rents, real lending issues, environmental issues, crime and other problems.  

Rents will be current and be prorated as of the date title transfers.FINANCING: This purchase is subject to the Buyer and Buyers’ Partner ability to secure the necessary financing.DEFECTS:Seller warrants subject property to be free from hazardous substances and from violation of any zoning, environmental, building, health or other governmental codes or ordinances.

Environmental engineers, heavy equipment, destroyed yards all the way around the house (because of course it's not buried where it's easy to yank out).

The majority member wants me to take the land for $1, and assume the environmental and back property taxes of $52,000. 

You may do better overall by partnering with one of them rather than running into unexpected issues after opening up a can of worms on a property with environmental issues.

Are there legitimate environmental concerns?

It will also show you any environmentally sensitive areas. 

What I am saying is unless the seller is extremely desperate and he/she will pay you to take the property (ex. property with environmental hazards, etc.), you must contribute one of the following to get a deal done:Land (The Deal): You can locate a really good deal, conduct the due diligence, draft the investment summary, locate a reputable property manager, obtain debt financing quotes and raise equity to close the transaction.Labor (The Expertise/Property Management):You can locate a capital partner who has a deal and provide property management services to increase the value and generate an attractive return to investors. 

Make sure to get a phase 1 environmental if you move forward with the transaction.