Looking into buying a bar, any advice?

A group of friends and I are looking into buying and running a bar. We've found a bar for sale for 160K, and we think between us we have enough credit for a loan for it. What kind of credit would we actually need? How big of a loan would we want? What should I know about the location and building? I haven't seen it yet so I can't tell you much about it. We also know some people with bartending experience, and in our group we have a little experience with business and computer stuff, but I'm sure there is stuff we don't know, and more importantly, stuff that we don't know that we don't know. What are some things we should know and look into?

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