It is only a precaution in case there is a leak so the house doesn't flood.Other than that, you may be responsible for snow removal or other typical lease items through the last day of the month.

From your experience, from the time of first submission of plans to completion, who long would that typically take?

This isn't your typical wholesale deal where the ARV is between $100k - $250k

They typically have access by either dirt road or trail, with people carrying in all the required supplies for there stay (both winter and summer). 

In addition, if you get a home inspection, typically that is another point in the transaction where you can use the results to negotiate for repairs or a lower price.

That typically only occurs after the tax sale process fails and the lien(s) must be abated in order to transfer to a new owner.

Most people renovating typically don't even interact with board members when renovating, you should be speaking with the management company about all this. 

@Ibrahim Alanqar Typically you won't be able to get a traditional loan from a bank.

Just keep in mind that an appraiser typically can't count basement sqf and thus spending a lot of money downstairs might up your incoming rent, but might not add value if you refi. 

These typically move a little more slowly.