The renovations would be valued at the Replacement Cost of the work.Renovation Builders Risk policies can be issued on a annual basis or 3 or 6 month terms. 

I have a multi-family property for sale right near Brighton beach that I thought would sell fast but I'm having issues finding investors for it.

This will remain the case until you reach a point where non recourse debt is available but it’s rare and generally only applicable to larger transactions where leverage is customarily lower and there remains carve outs for “bad boy acts”.I frequently see posters on here say “they can’t get a loan for properties owned by an LLC” but I suspect they incorrectly thought that they would not have to personal sign on as a guarantor.

In markets with post-occupancy or quality-control issues, the inspection process became absurd.

You are dealing with hypothetical issues so far.Its great you want to get "saving," but you know most people don't buy a house at 22. 

We prefer to make good quality updates to avoid continuous issues but obviously want to keep the costs minimal.

If for some reason you cannot, have the fee issued to one of you and have the one who received it to split it and then issue a 1099.

It appears as though there upper management and broker are better suited for vacation rentals and don’t Handel tenant issues well.

But you have two main options: 1) cash-out refinance and keep the property or 2) 1031 exchange into a larger property.

They would each be putting in 200k each and I would be putting in 100k and would be responsible for all the property management, being paid by the other two on an hourly rate when responding to issues.