Sometime painting or resurfacing front door etc will be covered. 

Another good route to take would to be to go to your local kitchen/bath design place. get them to do the designs and then ask them for the assist on picking paint colors, flooring, and the other finishes you will have through out and they will be able to steer you down the right direction.

Back house gets new flooring and paint as well as a new roof.

We did some cosmetic work, installed new kitchens / baths, flooring and painted it.

Should rent for $750-$800New Carpet, New tile, new paint, SS Fridge included.

This smaller rehab would be repairing some couple foot by couple foot holes in the wall and ceiling, replacing several broken doors, refinishing the wood floors, putting new linoleum in the bathroom, putting in new cabinets (but keeping the sink) and painting everything.

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.