Large Multi-Family Property in Dallas

[Syed Quadri]

Hello everyone, I'm new to BiggerPockets and new to Real Estate investing as well. I have been listening to the amazing BP podcast and would like to get started with RE Investing soon. I have found a Multi-Family property in Dallas, that I'm interested in and I have a couple of questions that I thought I'd run by the experts here. Please excuse me if my questions don't make any sense. 

1. The Property I'm looking at is built in the 1960s -- Are there any City or County regulations that anybody here is aware of, regarding the maximum age of property before it needs to be torn down and rebuilt? or a resource where I could possibly find this information?

2. What are some of the things to watch out for while investing in the MF property in the Dallas area? (I know this question have been asked a million times, but I just wanted to throw it out here hoping to get an answer/opinion, specific to Dallas area. 

Thanks in advance!