To name a few HVAC for unit 1 is 20 years old and could not fully inspect the heat, the pipe to the sewer has completely dropped and is not connected, in basement the window header, subflooring and joists are damaged from termite activity, and their needs to be some tuckpointing and masonry work done for the exterior brick. 

Being a 1960s era, it will have everywhere.  6 inch tile floors, hot water pipes, countertops, etc.Would check on that before diving in.

Inspect all flashings at all penetrations and curbs, including pipes, skylights, walls, etc.5.

i'd call a bunch more lenders and at least have one more appraisal done unless you truly feel you've exhausted the refinance path.

The sections of pipe are separated, so I'm thinking it's an open trench job. 

On the outside of the house it will look like a maze with all of the pipes.  

The trucks broke all of the drainage pipes under the drive way, they are still able to allow water to flow but the edges of the pipes are sharp so if tire hit it the wrong way then it may put a hole in tire of a vehicle.

It would involve installing new dedicated water pipes per unit, three combi water heaters (to replace the two conventional water heaters and the central boiler), and three gas and water meters.

Insurers are now looking at roof conditions, over hanging trees, type of water pipes, and electrical. 

It protects it from outside liability (let's say you drive recklessly and kill someone, and your personal car insurance gets exhausted, the suing parties cannot come after the rental property because it is not personally owned by you).