BlueBee, this ain't a house your going to see in Southern Living magazine.
There's some "interesting" work that has been done to it. The guy might be going to move in to it later, if not he probably picked it up for next to nothing and will resell or rent (HUD?). Folks always talk about location, location, location...the railroad tracks are close enough to the house that you could sit on the front porch and hit a passing train with a rock.
Anyhow, it's got two colonies in it that I'm going to get.
Yes, from what I hear the asbestos is normally simply covered over with the siding. Lot's of it all around here...sounds like plenty in Michigan, too.
ETA: I talked with the guy some and he's a really nice guy. Been working on the house for a while, it was his grandmother's house that he purchased from her estate. Working on bringing it back up to speed and planning on moving in. He installed a commode and painted the bathroom while I was removing the bees today so he works pretty fast. Got a ways to go, but he doesn't appear afraid of the work.