I'm buying my first rental property, it's located in the Sarasota, FL area. The house is built in the 1950s, because of the age of the house, I assume the house has lead paint for sure. But what about asbestos? Am I at risk of getting sued by future tenants because of the lead paint or asbestos?
As long as the asbestos is in the walls or encapsulated in the floor tiles there is no health risk. I used to work for a company as a claims analyst for their asbestos litigation unit. The risk of asbestos in a residential setting such as you are describing is overblown. The people who have genuine asbestos related injuries are those who had a profession that required them to work with asbestos. Asbestos can cause health problems if it is inhaled, so if you have any exposed pipes that are insulated with asbestos you should replace the insulation, however it is unlikely even that would cause a health problem. The people who sustained asbestos related injuries were people who worked in industrial settings in the trades, boilermakers and such.
A landlord is not under an absolute obligation to remove asbestos. A landlord is under an obligation to notify tenants of the presence of asbestos. If asbestos is present and poses a risk, a tenant could, among other things, legally force the landlord to choose between removing the asbestos or losing rent.
I live locally in Sarasota if you would like to discuss anything. Have a great weekend.