R.E. Investor friend offered me a rental in Marlin TX for $60,000

[Janet Leary]

A friend and long-time investor offered to sell rental house in Marlin, Texas to me. He will arrange to have his long time property manager manage it for me for $50/month. We both live in Los Angeles. This would me my first deal. The price is $60,000, the rent is $700. He said he gets 14% ROI. What sort of information/paperwork should I ask from him to help me decide if I want to do this?