Power wash it then decide if it's sound enough to just spray with a good coat of exterior paint, easy spray paint job top to bottom inside & out. .. touch up trim with a accent different color.. it's cute. 

Asbestos wrap usually appears a little thicker - this could just be paper and mastic (of course, the mastic could contain asbestos).  

Funny, my wife got into a shouting match with the buyer at the closing, put her coat on, and was going to walk out.

Another option for the ceiling is drywall over it or skim coat it.... if it's those square cardboard looking tiles then just sheet rock over it with 1/4 inch drywall.

I'm not going to try to sugar coat it:Is there upside in rent as that's one of the most important things I look for.Based on my experience, the cap ex is probably high.You won't be able to get a 40 year loan so that pushes your mortgage amount up and your cash flow down.You should be able to get lower than 5% unless you are only going into a commercial loan.Terrible cash on cash returnany property I buy needs more than $5,000 in repairs. 

I had a roofing company investigate the roof and put a reflective coating on it.

In business I don't want anything sugar coated so thank you.

@Moe Bruenger@jordan coates If your county doesn't have website, call your county court and ask them about where the notices of default or call your county recorder and ask.

Typically tape all drywall joints, 3 coats of joint compound on all screw holes and joints, sand smooth to level 1-5...the industry actually defines the levels.

If the rehab is still decent (as in you don't need to do the whole thing again, new capex items, etc. just a new coat of paint), then they haven't owned it long.