R.E. Investor friend offered me a rental in Marlin TX for $60,000

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A friend and long-time investor offered to sell rental house in Marlin, Texas to me. He will arrange to have his long time property manager manage it for me for $50/month. We both live in Los Angeles. This would me my first deal. The price is $60,000, the rent is $700. He said he gets 14% ROI. What sort of information/paperwork should I ask from him to help me decide if I want to do this?

I know the place.  Small town on Hwy 6 not far from Waco.

You will need some form of appraisal to determine the value of the place.  That's tough to do in small communities like that because there isn't a ton of data for running comps.

Also you will want to spend $400-$500 on an inspection.

Are there renters currently in there?