And it is particle board, so a good layer over a crap layer is like bbq sauce on a turd. 

Friable asbestos means that it is easily crumbled and can become aerosolized.

It was a lot less work than I thought, but I did fill up several dumpsters with particle board and soggy drywall.

The smell was coming from that cabinet back particle board.

I would ask yourself a couple questions..1) Do you want to physically be in the space, with your family and small child, as the noise, havoc, airborne particles, etc are in the property during rehab.2) Do you want to live there at all?

Don't those cause more damage to the A/C units over time by allowing bigger particles into it?

MDF, particle board or plywood?  

No, as it seems to be "dust particles/control on wood surfaces".  

Prime with Pro block oil in gallons or aerosol cans depending how bad it is and top coat with any latex paint.

Because it was more of a commercial building before, all the ductwork is in the ceiling, the ceilings are the typical florescent lights and particle-board-ish squares you see in offices, and the bathrooms are small with those classic tiny, heavy white sinks with ugly faucets that you find in other commercial buildings (where you can see the metal piping underneath)Has anyone tried to renovate a building like this?