Lead Paint and/or Asbestos

[Jordan L.]

Hello (again) Biggerpockets!

I have a SFR in contract that was built in the 1950s, and not tested for lead or asbestos-- I'm going to assume that there's probably both within the home. From all that I've read, lead and asbestos are not that big of a deal unless one inhales dust, eats paint chips, or something of that nature. This is my first pre-1978 property (it will be property #4 for me if I close). My plan is to do some major updating and hold it as a long-term rental.

Should I be concerned about lead or asbestos in the property?  I want the home to be a safe environment for my tenants, but it's not worthwhile to continue to closing if I'm going to end up with a very large remediation bill.  

What are the liabilities for a landlord if no testing will be done?  The property is in North Carolina.

 Thanks for any thoughts.