This may include making cosmetic improvements, such as painting or refinishing floors, as well as more significant renovations, such as updating the kitchens or bathrooms.  

My question is is there a proper and safe way to utilize this wait period and start a paint work before closing.

Some might as well be 200 years old at the end of a 30-year mortgage loan.With basic research, I know that these houses were built to last, construction was better, maintenance costs are greater, lead paint is bad, etc.

Asbestos siding and lead based paint are both hot potatoes when it comes to regulations. 

The flooring and paint job at one of the "rehabbed" properties was just not up to my basic standard of expectation. 

I don't know if he has ever painted before, what kind of paint he would use, will he use drop clothes, etc.

I stuck to the modern theme - replacing light fixtures from Amazon, peel & stick flooring in the kitchen, and adding a fresh coat of paint on the cabinets and walls.

Rather watch paint dry.

we bought the house in Dec, 2012 and needs new paint and carpet. the house is in a very good condition. you can view photos below: https://www.zillow.com/homes/5...

In terms of rehabbing the property, the workflow can range from throwing a coat of paint on a wall or two, to an entire gut of the mechanicals, windows, siding, and flooring.