So I just got my first bike (or at least first bike since I was kid), and it's in pretty rough shape. It was free. It's an Azuki from what I believe to be the 70's. Both tires are flat, the front brake is broken, and the back tire rubs against the frame. This weekend me and a friend (who has had some experience in repairing bikes) are going to try to rebuild it.

I know pretty nothing about bicycles, but want to learn. I am a college student and a bicycle would be really great for getting around campus.

Do any of you have any tips for me?

Before you put any amount of parts in it, total up the entire cost of parts you need.
There MIGHT buy a better bike on Craigs list/garage sale/thrift store etc.
A few tears ago, my brother gave me his old 10 speed that had been sitting on his porch in the Redding, CA sun for about 25 years. On the sun side of the tires, only the fabric remained.
New tires & tubes, seat, reflectors, chain and a few misc. items and we had $70 into it. I saw a very similar bike in rideable condition a couple weeks later for $20.
The only redeeming thing is that I got it shifting so well, he wanted it back (nostalgia/gas prices) and got me a much better/newer bike.
Point is, it's easy to let the expenses get away on you even using inexpensive parts.
IF the brake caliper is broken, it might take a bit of effort to find an adequate replacement. Just because it bolts on doesn't mean it will work right(leverage/throw compatibility with the hand lever. Hopefully your friend is aware of this and has a good spare parts drawer.

EDIT- From Sheldons site:
-Azuki -House brand of Louisville Cycle & Hobby, Louisville, Kentucky

Post this question in the Classic & Vintage forum--and we will need pictures .

Welcome to BF!

East Hill

'Effective cycling' by Forrester