Trusting accounting statements which are almost always massaged is more risk than I care to incur.   

You will have to pay the early distribution penalty if your are under 59 1/2 years old, the entire account will be subject to taxation and you will not be able to restore it.

I can't say I've made money restoring them though.

Also, in a partial loss situation I'd expect to be able to get the restoration work done for quite a bit less than the retail pricing that the claims adjuster will use as the basis for compensation.

Yes it was during the 1980's.It took us a year to restore it as we planned to live in it & it appraised high enough to refi & pay off the owner hold.The girlfriend & I did several more over the years & the ones we got were a lot of work but very profitable.

Overall Lowe's is the most expensive out of the 3, but I will shop there if something is on sale.For rentals, one store I use that some people overlook is the Habitat Restore.

Some; however, seem fairly simple to fix (CO detector is missing), while others I fear may be more complicated without knowing what the original construction actually was (Remove work performed without permit and restore building or site to original construction.)

He's using his Va benefits and eventually wants to restore them but is in no hurry to buy again.  

I specialize in Custom Homes and High-End Renovation work but have a special fondness for historic restoration work.

I actually use the stuff he teaches on alot of my consulting gigs, my clients range from personal trainers, massage therapists to a couple real estate investors (care to guess how I got into REI?).