Asbestos, Lead Paint, And more. NJ 3 family

[Joseph Tarallo]

Hi I am in the process of maybe purchasing a huge 3 family home for a pretty cheap price, however it needs a lot of repairs.  We do our own work so I will save a lot of money that way.   There is some things I am concerned about like Lead paint everywhere, and Asbestos on the piping in the basement.  The problem is how will I know if the asbestos is throughout the house inside the walls and ceilings or just in the basement ? 

My other question is when I get inspections from the state to rent it out what are the requirements I will need to meet when having lead paint or asbestos in my home.  Does it have to be completely removed or just covered the proper way?