Hopefully it is just an element.  

Without knowing what the environmental risk they were addressing in 1970 it's hard to help you.

Just add deed prep and transfer taxes.I would not avoid properties just because of the ground rent element.

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Money is only ONE of the elements in fix & Flipping. 

It can't be manufactured or mobile home and of course we'd have to do all the permits and if I'm coverting an existing building I'd have to have it engineered and permitted to meet code and environmental health requirements.

That is a legal matter, but still has "accounting" elements in it since something such as co-mingling funds will pierce your corporate veil. 

Major code or environmental or building and safety violations carry over to the new owner (that's you) - stick to the easy stuff. - Those are some initial things to think on.

If this were in Hawaii, the nails would be long gone from the elements.

The operating agrement is truthfully the most important element.