Asbestos Siding on Potential Property?

[Account Closed]

Hello, BP! 

I found a property that I am considering for a BRRR and have started to research the property more in-depth. The 2 bed, 1 bath (918 sqft) SFR property was build in 1936. Gas heat/baseboard. Window AC units. Ranch with a basement and maybe an attic. Roof is composition shingle which may need to be replaced. And there is asbestos Siding - Urgh.

How much of an issue is the asbestos? Can it just be painted over or covered up? Will it be expensive to do? What about liability? This will be my first property and I don't want to get in to a nightmare situation. 

Property was last sold in 2000 for $18K.

[Russell Brazil]

I use to have a property with asbestos siding. Zero issues with it. It actually stopped my house from burning down when the house n3xt door had a fire. If it had been wood or vinyl siding it would have caught fire too