.- Immediately refinance the property with a traditional bank mortgage to pull out a significant portion of equity. 

@Emory Clayton what other potential renters do you have and what size is the house. 

Once those are complete, rough plumbing, electrical and mechanicals can be started (rough plumbing should go first, then mechanicals as these are the larger sized items and rough electrical is easier to work around them than vice versa.

Depreciation recapture is triggered when a property is sold, requiring the investor to pay taxes on the portion of gain attributed to previously claimed depreciation deductions.

I am in the middle of closing on a mid-sized apartment deal in Mcallen, Texas.

They will probably have different lot sizes.  

Is it possible for this size of project?

There are a lot of details that would be good to know such as size of multi, age, number of units, etc. 

The job consisted of replacing most of the front entrance, which consisted of 3 wood steps and a small platform deck the size of a standard refridgerator with railing. 

Other option is giving a small portion of equity and splitting profits and ongoing costs evenly, but not sure how much equity to give or how to logistically buy their equity out later on if I want to keep the STR for life.