I looked up the tax records to see the sale price and there was no change of ownership or record of sale.

I would research your particular materials and construction and determine the likely risk, but I would seriously consider if your tenant is worth spending this kind of money on and what your plan would be for the tenant and project if you actually have a documented case of asbestos, which may require professional mitigation if you think you might have a liability situation with your tenant.  

@Alexander Lang as Brad mentioned, the first step is to first explain what the concern is and whether it causes any issues with TIC or LLC ownership. 

How do you determine if you’re getting good terms on your financing?

First of all, look at how long other properties are taking to sell and then determine if the marketing period has been "too long" or not - not all markets sell the same.

Second this electrical company has already fixed this issue in my yard a few years ago so this “might” be warranty work because their first splice may have gone bad.So, I have given them permission to do the work, and made it clear that I expect the patio to be made to look like it does now after the work is completed.But my nervousness kick in because of the company pays to remove the decking, digs up the splice, and determines that it’s a different problem and not warranty work, now it’s my neighbor who is on the hook, and responsible to pay the bill of repair, and responsible to get my patio put back together.This seems like it could go very wrong......Should I get a contract written and signed by all parties to protect myself?

The maximum number of financed properties that are permitted is based on the underwriting method, as described later in this topic.The financed property limitapplies to the number of one- to four-unit residential properties where the borrower is personally obligated on the mortgage(s), even if the monthly housing expense is excluded from the borrower’s DTI in accordance with B3-6-05, Monthly Debt Obligations (01/30/2018);applies to the total number of properties financed, not to the number of mortgages on the property or the number of mortgages sold to Fannie Mae;includes the borrower’s principal residence if it is financed; andis cumulative for all borrowers (though jointly financed properties are only counted once).The following property types are not subject to these limitations, even if the borrower is personally obligated on a mortgage on the property:commercial real estate,multifamily property consisting of more than four units,ownership in a timeshare,ownership of a vacant lot (residential or commercial), orownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).Examples — Counting Financed PropertiesThe borrower is personally obligated on mortgages securing two investment properties and the co-borrower is personally obligated on mortgages securing three other investment properties, and they are jointly obligated on their principal residence mortgage.

However, I would like to learn as much as I can about the space so I am open to any recommendations that deal with any of the different aspects of MF ownership.

the old leases run with the property and are as valid with the old owners signature, as though you had signed it yourself. you can both sign an addendum stating that ownership has changed, but that would be redundant from a contract perspective. more importantly, before taking possession, you want an estoppel agreement signed by current owner and tenant which agrees to the current rents, deposits, and contract terms. otherwise you can take possession and tenant can claim he has prepaid rent for next 3 month or old owner verbally agreed to let him have 5 large dogs.

@Bola A  I will look at various websites,  including ones regarding population,  biggest employers, income, crime and home ownership.