Just make sure you have good insurance/coverage for that property.

Does that include Wind coverage?

Plus, if I get sued for everything I own, beyond the limits of my insurance coverage, I'd lose my share of this apartment building, along with everything else.

Also, be sure you have proper liability coverage for whatever you are doing, and worker's comp if you are paying "helpers".

Not paying your bills is not an excuse (hopefully the insurance bill was paid so you’ll have coverage to defend in those lawsuits).

As far as if it is a profitable deal or not, for long term debt they use a Debt Service Coverage Ratio which is the ratio between your PITI payment and your rent receipts. 

I've read through the STR handbook and it says the property needs "$1,000,000 commercial general liability insurance coverage policy.

Most E&O policies do not provide coverage for an agent's personal dealings outside of their personal property that they occupy.

I am aware of some of the differences with regards to LTVs, length of financing, etc, my question is do lenders truly own look at the property for multifamily & LTVs & debt coverage ratios & not the borrowers ability to qualify?

You can start on the refinance prior to the expiration of the six months and not close until the six months have expired.Remember you need a minimum of 1.0 debt service coverage for a funding company and 1.25 for many banks.