Questions for the Forum:1) Are there any major pitfalls I need to further investigate or be aware of?

To be honest, "investment strategy" is something I have no taken time to formulate, ( I've spent the last hour investigating exit and investment strategy on BP ).

A lot of them will be discovered when you conduct a more in depth investigation and during the due diligence process.I will provide a response to each of the 15 items you listed.  

One wrong move and your entire life comes crashing down.This sounds like a deal worth investigating, but not for you.

Since Jan 1, there have been 9 shooting homicides (pretty much all gang related), 15+ shootings (most appear to be gang related from initial investigations), and a bunch of car thefts (had a recent one month stretch that had 25 thefts).I'm sure this will affect the local market a but as potential buyers would see this and be turned off right?

While I am not a fan of entering into a deal then backing out and suing, some of your claims need investigating. 

Property was built in 2013, taxes as of 2014 and 2015 were $3,582     I will need to investigate how it will change Insurance costs?

You are right that it is best to investigate what programs exist.

@Mike McCarthy I have investigated and went to the property.

Not much advice for remediation since I was mostly on the "ID and Investigate" side of site contamination, but there is probably a deal hiding there if you can protect yourself adequately.One thing I do know is if it was a gas station in the 1950's and before, it TOTALLY had leaks!!!