A: Just paint over it - that encapsulates the lead paint.Problem - that is a complete violation of lead paint laws in the state where the subject property is. 

Both can be sealed, or encapsulated.

Lead paint can be encapsulated (painted) .

I am working on creating and establishing a solid financial model to encapsulate current owned and operated SFR vacation rentals cash flows, expenses and capital improvements.

Learn what it means to encapsulate, contain/enclose, remove, or replace building parts that have lead.

That said, it is also one of the few remediations, which with a bit of planning and instruction could be done by any contractor or as a DIY (unless prohibited in your area): cover the ground with poly; wear appropriate protective clothing and respirator; wet the siding just before you remove it; when done, roll up the debris in the poly and tape it closed; dispose of the waste at the appropriate facilities; and, don't do the removal on a windy day.Alternatively, you can encapsulate the asbestos siding by covering it over with {insulation and} new siding.  

@Jay HinrichsDespite being one of the world's largest (if not the largest) exporter of asbestos, most jurisdictions here will require removal - where there is {risk of} exposure {ie. conditioned spaces or exterior if there is a chance of the asbestos becoming friable} - or encapsulate where there is low to no risk.    

If you are painting the trim around the windows people generally wrap with aluminum to permanently encapsulate the lead paint.This is especially important if you wil be doing it for a rental, not so much for a flip.

Unless you're happy to ignore most of the potential issues that could arise, I don't imagine this is possible in one page.My recommendation would be to form an LLC and let the operating agreement encapsulate the partnership terms. 

Once you have treated the structure (floor joists in your case) and they are dry, then encapsulate/seal them with something like Zinnser ... they have a new soy-based version of BIN which is cheaper an less noxious than the original shellac ... we've used it a few times, it does not dry & seal as quickly as true shellac, but is often sufficient.