It's a cosmetic fixer upper for the most part.

A great cosmetic renovation including brand new driveway along with adding tons of mechanical upgrades to give the new buyer a modern home with a cool mid-century look.

The value being added to the deal will be in minor cosmetic updates mainly to the kitchens and slight bathroom work as well.

I recently bought a 4 unit in DC that will require a cosmetic rehab for the most part outside of a heavy up and replacing some of the plumbing.

Property well maintain with cosmetic needs of -paint, new flooring, light fixtures, appliances, etc (need about $10K at most). 

You can usually get OOS investors and new investors looking for a buy-and-hold or cosmetic rehab to pay more.

Lots of information out there via google.Also look into the safe harbor for routine maintenance. 

For more cosmetic issues (update fixtures, paint the walls, change the floors, etc.)

Additionally concerning is that the home restoration is expected to take at least 6 months, potentially accruing tens of thousands more in storage costs.Is this routine practice in the industry?

Electrical, plumbing, and cosmetics can all be replaced if the deal is right.