I see way too many Israeli, Australian, Chinese, and Cali investors get taken to the cleaners by stuff that looks good on paper. 

It seems that majority of people lease option the house, so they create a sandwich lease, but what if you want to hold the property?

Sounds like a great investment if you can lock down a 3-5 year lease on the warehouse.

If you can find a small church that is growing, and they need more space, then I would lease it to them with an option to purchase.

Many people lease for the summer months (July-Sept) at 4-5X normal rents (up to $10k during sailing events, tennis tournaments etc.), then cut the rate for off season months to Salve Regina students, or Navy on extended TDY /training.

I’ve locked up a lease option on a small commercial property and the house behInd it, that’s been vacant for five years.

Your list is pretty comprehensive, I would check deeds, title, leases, management agreement, vendors, etc.I tend to disagree with the bolded portion though.

Is there any value in trying to lease option it? 

I have done some flips and lease options along with a few rentals.

I'm in the process of breaking my lease and moving into a recently purchased SF home.