I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing."

Unfortunately I did not think about this before hand, but it has been brought to my attention that asbestos could be a concern since the building was build in 1968. 

I've recently came across this resource (BiggerPockets) and made it throuhg "The Ultimate Beginners Guide" PDF this weekend. 

Since you say you are 99% ignorant you might want to check out the Ultimate free beginners guide here on BP. 

According to the tenant she spoke to the seller's realtor about her concerns because they did not replace a majority of the drywall or the bathroom ceiling that was wet, but they didn't fix anything else.

Thank you for your concern. 

Any concerns?

Nick Tzenevrakis like others have said if it’s an llc then likely it would be commercial terms.As a beginner you should do residential mortgages in your name, aka conventional or Fannie/Freddie Mae financing.

so now you have this big swath of beginner syndicators doing their first deals and they could since they spent the money to learn how to do it and spent the money on the PPM and raised the funds they will be under some urgency to get a deal and therefor may pay more than you would for the same asset

https://www.amazon.com/Paper-Profits-Beginners-essentials-mortgage-ebook/dp/B06Y4C7X6Y/ https://www.pprnoteco.com/wp-content/uploads/2016/08/Intro_to_Note_Investing.pdf Finally, check out NoteMogul which has a very reasonably priced intro course to note investing: https://ecourse.notemogul.com/training?