The most common materials containing asbestos are stucco, tar paper (roofing felt), roll roofing, plastic roof cement (at joints between roofing and other materials and at penetrations), window putty, asbestos-cement siding, asbestos cement flues, pipes, and roofing, drywall joint compound, sheet vinyl flooring, acoustic ceiling texture, vinyl floor tile, floor tile mastic, mirror mastic, HVAC ducts made of corrugated asbestos covered with aluminum on the inside and outside, corrugated insulation for use over metal ducts, pipe insulation, boiler and tank insulation, structural steel fireproofing, light fixture insulation, gaskets, paper duct insulation, and appliance wiring.

If you think you can magically double the money instantly and beat the compounding rate until you're 59.5, go for it.

- what are the chances of asbestos also present in the other structures of the house if Drywall joint compound, ceiling stipple, wall insulation etc.?

1 thing get at least some $ in a compounding account.

And paint and drywall compound to patch holes or go over uneven spots.

Broken Bow, OK Destin, FLCape Coral, FL.Blue Ridge, GA.Phoenix Metro, AZI personally plan to own in the above mentioned areasHonorable Mentions:Hilton Head, SCMyrtle Beach, SCMassanutten, VAKillington or Southern, VT by ski areasGranby/Grand Lake, COLake Travis or Lake Granbury TXLake Havasu CityCocoa Beach, FLTraverse City, MIBlack Hills, SDIsland Park, ID

To compound that, consider an FHA 203K renovation loan to add instant equity and higher returns to the property. 

Yes, we could easily transition to an MTR or LTR but Im not sure I want to bow down and lose out on a great business venture because the city wants to impose new regulations.

That, and uninterrupted compound interest, are behind the concept.  

If you want something fairly close to you, I would look at Broken Bow, Tablerock/Branson, Hot Springs Arkansas, or Eureka Springs.