What I would like to do as some have done in residential is to purchase wholesale, rehab with cash and do a cash-out refinance after all work is completely and completely rented.

Our business partner also believes if we don’t sell the house in the two week time period before the asbestos abatement is completed, we have lost nothing and we can move forward with the sale of the home with the asbestos problem resolved.Whaddya think ?

Our firm completes cost segregation studies however a $600k apartment building doesn't typically justify the cost of completing a study. 

Maybe you do 2 at a time, and it takes you 4 months to complete the process.

But they will need to see bank statements and even credit score info before moving forward, you will have to submit for draws during the rehab, and they will hold some of the $$ back until the rehab is complete to their satisfaction.Bottom line is as an investor (from your perspective, not the lender's), you should always have the cash saved and available to fund either type of deal without having to take a loan from another source. 

Is everything changed to your name through the deed/title, or is there separate paper work that must be completed

I think it depends on location, quality of rehab work completed and if the home was properly remediate (TDI certificates, etc.) 

When you have completed $10k worth of work, you need to know how fast and how much work it is to get the draw that you need to pay your materials/labor and refill your coffers for the next stage of your rehab.Hope this helps. 

Also I will disclose that I do not know your area at all so consider anything I said just me throwing words on the screen that one little piece of data could make completely invalid any longer.Personally I am not a fan of renting out places with an HOA.

I have some great kiddos that have been instrumental in completing home improvement projects in the past and I believe it’ll be an easy transition into helping them become more financially conscious.