In the lesson note i noted that the verb will be labelled V1 or V2. What does it mean?
Japanese verbs conjugate in one of two ways. The "V1" and "V2" labels are one way of specifying which way a verb conjugates. Other ways include Group 1 or Group 2, Class 1 or Class 2, consonant-stem or vowel stem, and Godan or Ichidan (the Japanese names).
Verbs that end -eru or -iru are often, but not always, V2 or ichidan verbs. For example, taberu (to eat), miru (to see) and neru (to sleep) are ichidan verbs.
Verbs that don't end in -eru or -iru are always V1 or godan verbs. For example, yomu (to read), hanasu (to speak) and aruku (to walk) are godan verbs.
The irregular verbs kuru and suru are sometimes labelled V3.
Also how do i know which verb is transitive or intransitive?
There are quite a lot of transitive-intransitive verb pairs with a simple sound change. For example, hajimeru (transitive) and hajimaru (intransitive), meaning to start, or tomeru (transitive) and tomaru (instransitive), meaning to stop. In many cases, though, you can't tell just by looking at the verb whether it's transitive or intransitive.
The verb kaeru, meaning to go home, is an intransitive godan verb. The verb kaeru, meaning to change, is a transitive ichidan verb. So you can't always tell...
-san, マイケルsan, konnichiwa! Thank you soooo much for a great help, マイケルsan (as always; & o-hisashiburi desu ) -san, if you've got further question(s), please feel free to ask. There are many nice J-Pod colleagues who are happy to help you, just like マイケルsan, and we J-Pod staff are also here