The product claims to be made with a high contents of recycled material.

You should purchase the materials and drop them at the property. 

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@Brandon SalimiEach of you has to separately pass the material participation test, and you cannot both pass it on 100 hours.

New siding shingles can be purchased that are made of non-asbestos material to replace any original ones that are damaged and they are easy to paint - we do that for cosmetic purposes but we don't replace or encapsulate the entire house.That said, I would talk to your Realtor to determine if there are any Michigan-specific rules/regs regarding asbestos siding.

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I also put all of the materials for the project on credit cards (don't recommend) so I was about $30,000 in credit card debt before I finished and paid off my debts.

Does anyone know how much is the minimum that I can realistically pay for permits, plans, materials, and labor?

Now, if in your walkthrough and lease review you find material lease violations that could result in eviction, then that would be another option, but again, that is (I am guessing) unlikely and still risky, since there is a cure period associated with evictions.Not sure if this exists, but maybe get a private lender (ideally family member or friend) to lend you on a purchase loan for 10 months, then refi into a different private or hard money lender once tenant is out?