Short backstory; I’m a licensed builder in MI and have been on my own for 1.5 years completing structural restorations, insurance claims (roofs, siding, floods, etc), and about 15 or so bathroom remodels.

You can find some really high-quality, durable, timeless stuff at Goodwill and ReStore!

How many can take a years hit on rent income with a probable big restoration bill?    

I’m stuck on if I restore go Mtr or ltr in Nashville

Took a few years to get licensing, permits, etc, to either restore it to being an assisted living facility, or convert it into one.

If you don’t, they can force you to remove the new construction and restore it back to its original state and issue fines.

I think it’s rewarding to do restoration on an older property. 

Given all her extra time she spent trying to restore the property to its usual, I don't think at this point they'd even get 4 stars from me.

Now our vacation units are restored.

In this case you may want to refinance your VA loan on your prior property to restore your original VA entitlement to full prior to your purchase.You can use VA financing for up to 4 units with 100% LTV or 0% down but the subsequent or second use may have up to 1.25-3.30% VA funding fee ( points financed into the new loan) unless if you have a disability rating of 10% of greater on your certificate of eligibility or your COE shows "exempt-eligible veteran."