The ones who bought 3/4 units in good area $500k+ buildings did great, these ran with no issues, rents increased/appreciated.

I don't forsee any asbesto issues.

Let's see how it goes when the one year anniversary comes.But in general what you are seeing is very common.

Bit of a wild situation here, at least to me and my lender; maybe it is more common than we think, not sure honestly.

RESOLVE this issue NOW and make a clean break. 

Also, if it's Lennar, be prepared for problems, insulation issues and therefore paper thin walls. 

You may run into issues since it's a smaller loan. 

So far, no issue other than the biosecurity stuff.

The issue I had was that most lenders required a certain number of completed flips done under a LLC.

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”