Asbestos Siding on Potential Property?

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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.