I also hired a professional inspector.

I have a construction loan for a rehab project for primary residence. 

@Annette Steele, are you asking about new construction costs or renovations?

Total income: $1,135Cost to house hack: $680 / month I bought this property with a construction loan thru my flip LLC for 20% down on the purchase price and the reno was 100% funded by the loan.

I live in West Michigan and have reached out to a local inspector for advice referred to by an agent friend, but haven't  heard back yet.

Find a good inspector that is trusted by professionals in your area and get a good pulse on the effective life of your big ticket items (Roof, HVAC, HW heater, etc.) and calculate out how much each will cost to replace, then do the math backwards for what you need to put aside for CAPex and maintenance. 

This is not the best neighborhood, but I am seeing a lot of development in the area (new construction builds etc).

If "yes," were the approved plans followed during the actual construction?

I would research your particular materials and construction and determine the likely risk, but I would seriously consider if your tenant is worth spending this kind of money on and what your plan would be for the tenant and project if you actually have a documented case of asbestos, which may require professional mitigation if you think you might have a liability situation with your tenant.  

As I'm sure you know construction is booming wait till it slows down....Plus is there even a demand for this in your area?