@Johnny DangSince you are in a hot environment i hear split units are fantastic and far more affordable than full on HVAC replacement.

I apologize if these are incredibly simple and silly questions as I'm a true newbie. 

If I were you I would do further research with environment organizations that could give you more information on how to test for it, how to remediate it and how to make that decision.I will say that if you are planing on adding/upgrading the Air Condition I would suggest you work with an asbestos abatement company to do the work for that portion of the house.

You can certainly pull comps (by this I assume you mean recent sales in the area) from online tools such as Zillow, but in order to do the analysis necessary to arrive at an ARV you will need local market insight (this could come from a Realtor, but also from another real estate professional).This is an incredibly important step when analyzing a deal, and not one to take a shortcut on.  

This property isn't a tiny area and I think it could be developed into a small strip mall; but the building that is on it I think could be incredibly attractive as some sort of dining experience.

This environment gives a ray of hope and encouragement to the enormous amount of dry powder sitting around waiting to be deployed.

It's incredibly simple.

I feel like we were incredibly fortunate to "acquire" this first rental property and want to take advantage of it.

And this creates a great symbiotic relationship, investors can grow and expand their professional network while learning from others in a low threat environment while professional demonstrate their expertise in a tangible form (votes). 

Don't get me wrong...there are incredible deals in foreclosures out there, available to those that have patience, understanding, and money.